Law firm launches dedicated bridging finance service

Bury and Bolton law firm Clough & Willis has launched a dedicated bridging finance service for its commercial property clients.

Led by Andrew Palmer, senior associate, the team will be able to act for both lenders and borrowers and will advise clients on all legal requirements when taking out a bridging loan, ensuring that agreed obligations and timescales are met.

Some high street lenders do offer bridging loans but they are usually made by specialist bridging finance companies through mortgage brokers.

They are designed to be short-term loans, usually between two and 24 months, to provide the borrower with a quick injection of cash.

They can be taken out for numerous reasons including to help bridge a finance gap when buying or selling a property, purchasing a property at auction, to release cash tied up in a property, for refinancing purposes or to pay for lease extensions.

The new service forms part of the firm’s commercial property department’s remit moving forward.

Andrew Palmer, senior associate in commercial property, said: “We decided to launch this new service as direct response to demand coming from our clients.

“Taking a bridging loan out is a big commitment, so it is important to seek legal advice at the earliest stage possible.

“That way you can be aware of, and, most importantly, pre-empt any of the usual pitfalls.”

He added: “We really see this new service as an extension of our existing commercial property specialisms and it will, I’m sure, add value and give peace of mind to our clients.”