Bridging ‘key to upturn in property market’

A RISE in bridging finance is helping to boost the North West property market, according to law firm Bermans.

The company with offices in Liverpool and Manchester says that the deals once perceived as the “last resort” lending option have been the key to the recent renaissance of the property market in the region.

Head of property at Bermans Fergal O’Cleirigh said: “Bridging finance has been crucial to the upturn in the commercial property market during the last 12 to 18 months.
 
“This type of finance is used because it is quick to turnaround. In recent years we have seen a dip in bridging finance because there has been a lack of confidence in securing bank funding to repay the debt.  However, recently, we have seen a sharp rise in short-term finance which shows renewed confidence in the marketplace.

“We work extensively with some of the biggest and well-known names in the industry including Bridging Finance Solutions in Merseyside.”

Steve Barber, managing director of Bridging Finance Solutions said: “The signs are there that bridging’s move into the mainstream will continue even as the economy shifts further out of recession.

“There will always be a place for fast short term funding whether in a rising or falling market. In recent years, more professional firms have entered the market and competition has driven market prices down and ensured transparency of terms.”