Bridging Finance Solutions has revealed details of a significant upturn in the demand for bridging finance as the property market continues to make a recovery.
The Wirral-based firm are reporting an average enquiry level of £1million transactions each week from borrowers looking to secure property funding quickly.
Steve Barber, Managing Director of Bridging Finance Solutions said: “Demand is incredibly high at the moment – in fact, we’ve not seen this level of demand since pre-recession times.”
“Interestingly we’re seeing the majority of enquiries coming from the North West and most notably, Merseyside, whereas traditionally our customers have spanned the UK. We are more than happy to do business with local customers who are able to realise higher rental returns on their properties compared with property investors in the South.”
“Both residential investor, private developers and commercial clients make up the new wave of Bridging Finance Solutions customers. Investors are able to realise good returns on properties in the North where rental incomes alone often provide for double digit returns, this is rarely the case in the South and South East where property capital values make this more difficult to achieve.”
Bridging Finance Solutions has recruited a new Business Devolvement Manger to help deal with the upsurge in demand. BFS is one of only of a handful of FCA accredited bridging lenders in the North West, a factor that gives borrowers guarantee and peace of mind.
Steve added: “Whilst lending in a declining market has always been fairly steady, as securing finds via traditional routes will typically be more challenging, new and recent customers are general looking to make deals quickly and secure a property within days rather than weeks. We are seeing little sign of this slowing down and anticipate further growth as the market continues to show positive signs of recovery.”