Vinden launches lending business for cash-strapped builders

BOLTON-based surveying practice The Vinden Partnership has launched a new lending package aimed at contractors who are struggling to secure funding from more traditional sources.

The firm said that its new offer, TVP Construction Finance, has already been slowly introduced to existing clients following months of reduced lending by the high street banks to the construction sector. Vinden said that it has already completed seven refinancing deals to date.

“We have launched TVP Construction Finance as a response to the ongoing challenges facing contractors and sub-contractors in trying to obtain bank funding,” said Peter Vinden, managing director of The Vinden Partnership.

“The development situation across the UK is extremely turbulent and, if a scheme has been able to secure funding in the first place, it is extremely frustrating for everyone concerned when one of the parties involved encounters problems and the project grinds to a halt.

“The Construction Finance product we have launched will enable contractors and sub-contractors to obtain funding which, in turn, will hopefully safeguard the schemes we are involved with.”

In the third quarter of 2010 the firm also launched a Personal Guarantee Management Service, which was designed to provide an alternative to company company directors’ personal guarantees being called in by the banks.