Bridging Finance Solutions reports record third quarter

Merseyside-based Bridging Finance Solutions has experienced one of its busiest periods ever after reporting a 132% increase in lending volumes for the last quarter, compared with the same period last year.

The short-term lender said the figures for the third quarter of 2009 reflect an increase in investors acquiring properties at auction as well as businesses turning to bridging loans in the face of a continued squeeze on bank lending.

Bridging Finance Solutions launched its £20m short-term business finance fund in April 2009.

Steve Barber, director of Bridging Finance Solutions, said, "The greatest increase in enquiries has come as a result of distressed property sales requiring fast funding.  Since January, property prices have been showing good value when measured on rental returns, but it wasn’t until the summer that we saw the first major wave of new investors enter the fray.

"This is a clear sign that investors, disillusioned with poor savings rates and heavy losses on other investments, are effectively calling the bottom of the market and attempting to capitalise on property bargains.

"This, combined with the fact that average completion time for a commercial mortgage has risen to 150 days, from just 85 days in 2007, means more property professionals to seek bridging finance to plug the gap."

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