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More Firms Using Bridging To Acquire New Premises
10/02/10 Manchester-based Bridging Finance Limited says that increasing numbers of small businesses are taking advantage of current conditions and using the company's short-term funding facilities to snap up commercial property for their own occupation.This announcement follows the news that the banks' due diligence to approve a commercial mortgage is often taking in excess of three months, within which time the original valuation on the property has expired.* Recent conditions have resulted in increasing amounts of distressed commercial property, particularly from the secondary and tertiary sectors of the market, becoming available at very competitive prices. These properties have attracted interest not only from investors, but also from small businesses that have continued to flourish over the past few years and now see an opportunity to acquire their own premises. Chris Baguley, managing director at Bridging Finance Limited explains: "The bargains that are out there mean that the prospect of owning their own buildings is now a reality for many companies. However, in a lot of cases their banks simply cannot advance the money they need quickly enough complete a purchase. "In these situations a short-term finance facility allows companies to acquire the property they want and provides them and their bank with some breathing space to put a long term solution in place. We frequently provide facilities of its kind for investors, but over the past 3 months the number of advances we have made to businesses that are buying for their own occupation has risen by 27 percent. "Most commentators are expecting commercial property values to rise during 2010 so for any businesses that have been considering acquiring their own premises, this could be a good time to buy." * www.thisismoney.co.uk print page
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