Lending boom at NW finance house

BARGAIN-hunter investors and businesses seeking quick finance are sparking a lending boom at Bridging Finance (NW).

The Wirral-based firm said its lending volumes in the last quarter are up 132% on last year.

Bridging Finance (NW) is the only private principal lender on Merseyside and launched its £20m Short Term Business Finance fund in April. It is not connected to Manchester-based Bridging Finance, which is part of the Blemain Group.

Steve Barber, director of Bridging Finance (NW)  said: “The greatest increase in enquires 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,” he added.

Based in Wallasey, Bridging Finance (NW) Ltd. was founded by  Mr Barber in 2005 and has since arranged more than £40m of bridging and development loans across the North West and North Wales.