Hilton records maiden profit

PROPERTY lender Hilton Ventures has made its maiden profit.

The Manchester-based bridging finance business said it was controlling costs and focusing on a low risk lending strategy.

Chairman Graham Alcock said Hilton was benefitting from the slower processing of loan applications at banks.

He said: “We believe that in the current market conditions at this time, where
banks are taking longer to process long term finance, investors and developers are looking to ‘bridge’ acquisitions by use of short-term loans until such time that they can secure long term finance.

“The directors believe that the successful implementation of the group’s business model will ensure that the company is well positioned to meet the needs of our clients during the difficult market conditions.”

Revenue in the six months to June 30 doubled to £250,173. Hilton recorded a pre-tax profit of £27,415 compared with a loss of £74,985 last time.

Hilton said Manchester property developer Northern Lynx, led by Andrew Lazare, now holds 51.8% of its share capital.