Bridging Finance News

Apprentice star enters the bridging world

March 4th, 2011

A property finance company has announced the appointment of a former Apprentice star into a major role.

Liz Locke, from Birmingham, who featured in last year’s series of the the BBC’s Apprentice competition, has been appointed Business Development Director at Omni Capital.

The company offers short-term loans to individuals and developers, predominantly within the prime postcodes of London.

24-year-old Liz proved to be a popular contestant on the show, receiving an apology from Lord Alan Sugar after he fired her for failing a task in episode ten.

She played an integral part for the ‘Apollo’ team for the majority of her time on the show, selling nearly double the amount of tickets than rival Stuart Baggs during the infamous ‘Cockney Tour’ task.

However, Lord Sugar felt that she was lacking a certain special quality which he was looking for in his Apprentice, and promptly fired her.

Set up by Mortgage Centre IFA and Christian Candy’s property firm CPC Group in 2010, Omni Capital believe Liz will be instrumental in promoting the company’s finance solutions to individuals, companies and intermediaries due to her “strong financial background”.

Paul Munford, Managing Director of Mortgage Centre, said: “We were immediately impressed with Liz’s strong financial background and the work she achieved at two of the world’s largest global investment banks. “

The company have also recruited a new Sales Director, John Wheeler. He has 30 years experience in retail banking, insurance finance markets and short-term funding.

Mr Munford said: “In addition, John has one of the most impressive and experienced backgrounds in the sector. We now have an unrivalled team of professionals in place and we look forward to growing the business further with this powerful duo onboard.”

Liz began her career as a graduate sales executive for investment bank UBS, after graduating with a first class honours degree in accounting and finance from Birmingham University. She then joined the private wealth management arm of Deutsche Bank where she developed a sports and media division and executed several brand building projects.

Alongside a career in finance, Liz has also invested in and successfully developed property on the north-west coast of England.

Source: www.bridgingandcommercial.co.uk

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Barclays fight back against industry slander

February 25th, 2011

Barclays featured heavily in last week’s press for all the wrong reasons. The bank was accused of, among other things, hypocrisy.

The Times revealed that the Bank had decided to limit funding to SME’s in the very same week that it had signed up for Project Merlin and told the nation that it would do its best to support smaller businesses in the economy.

Lenders and consumers alike raised concerns over the alleged decision.

George Ashworth, Head of Asset Finance, at Aldermore, said: “If correct, this news will be a bitter blow to the many thousands of SMEs who have been loyal Barclays customers for many years.”

However, Barclays explained that the media had got at least some of their facts wrong.

In response to the slander, Alex Brown, Managing Director and Global Head of Asset Finance, Barclays Corporate, said: “Barclays Corporate is open for business and is fully committed to helping the UK economy; including playing our part in the Project Merlin announcement made by the major UK banks last week.

We’re acutely aware of our responsibility and we are taking steps to restore confidence.

Although Barclays Business discontinued asset finance products for SME customers last year, the withdrawal of one product from the market cannot be viewed as depriving businesses access to credit when there are many other suitable alternatives available. In fact, half of unsecured lending to SMEs is for the purpose of purchasing an asset and Barclays Business offers a number of alternative options to help them do this including term loans, overdrafts and EFG.

However, Barclays Corporate continues to provide asset finance to clients as part of a broad-based suite of products designed to meet their specific needs

Restoring confidence is essential; in that vein, our approval rates in the corporate bank continue to be above 90 percent, a level consistent with the years before the financial crisis. This demonstrates that we are standing by clients through difficult times and are committed to lending to viable businesses with credible business plans, capable management and proven track records.  However, the backdrop is one of client caution (continuing to deleverage, improve their working capital and hold cash reserves).

In 2009 Barclays made £35 billion of new loans. In 2010, we passed that mark by October and by the end of the year we had lent £36 billion to businesses and households – clear evidence of our commitment to private sector led economic growth.

We want to lend; lending is what we do.  It is our obligation to lend responsibly to businesses and help them grow. In order for us to fulfil our commitment, we need businesses to feel confident that they can come to us to ask for credit, which in turn will help get the UK economy back on track.”

By Katie-Jill Rowland

Source: www.bridgingandcommercial.co.uk

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Troubled Manchester lender in talks to re-open loan book

February 25th, 2011

A troubled lender, whose loan book was wound down last year, is in exclusive talks over reviving its lending arm.

The Davenham Group, an Aim-quoted asset-backed lender, was forced to close its loan book last year after its June 2010 results showed its revenues had fallen by 35 per cent to £32 million, and its pre-tax losses were £23.3 million.

In January this year there were unconfirmed rumours that the company was considering rejuvenating parts of the business. However the company has now revealed that its largest shareholder, Kingswood Property Finance, is in talks with the group’s banking syndicate over the possible revival.

An exclusivity agreement has been signed between Davenham and Kingswood, meaning that Kingswood cannot start talks with any other possible investors until March 31st at the earliest.

These exclusive talks come just months after 15 per cent shareholder and former Head of Hitachi Capital (UK), David Anthony, and 6 per cent shareholder, Tony Murtagh, raised concerns and asked for major changes to be made to the board.

Tony Murtagh asked for the current board to be ousted, and David Anthony wanted existing Managing Director Paul Burke and Chairman James Kerr-Muir to be removed.

Their discontent with the current board is thought to be a classic principal-agent problem, whereby the agents of the company (its directors) are not majority shareholders and thus have less to lose if the company fails or share prices plummet. The two directors in question have been accused of being too little concerned with the rejuvenation of the company.  The accusations suggest that the duo are happy to sit back and see the loan book diminish, as their wages remain constant.

However despite the discontent of two major shareholders, both of their proposed actions were out-voted during meetings. Paul Burke therefore still holds the position of Managing Director, and his comments seem to suggest that he is keen to go ahead with revival of the loan book.

Managing Director of the group, Paul Burke, told The Manchester News: “Whilst there can be no certainty as to the outcome of these discussions, we are pleased to have the support of the banking syndicate to enable more detailed discussions with Kingswood and Moor Park Capital regarding a potential recommencement of writing new business.

“In light of the exclusivity granted to Kingswood and Moor Park Capital, the board is working intensively with them to try to maximise the chances of a reconstruction proposal being formally proposed by Kingswood and Moor Park Capital to the banking syndicate.”

By Katie-Jill Rowland

Source: www.bridgingandcommercial.co.uk

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Bridging lending: Is it fulfilling its early promise?

February 22nd, 2011

The wealth of bridging lenders touting for business at this year’s Mortgage Business Expo alongside the sector’s characteristic self-promotion tell us a lot about its appetite to lend.

The tighter lending landscape means both residential and commercial borrowers are increasingly looking to bridging lenders, with the sector starting to lose its reputation as lending of last resort.

Bridging lenders come in many shapes and sizes, from the commercial arms of mainstream banks, to specialist lenders, private investors and individuals with cash to lend. As such, the number of bridging lenders operating in the UK is hard to pin down, but estimates suggest it could amount to as many as 200 unregulated and regulated lenders.

The shape of the market

Moneyfacts lists 21 bridging loan providers, who offer rates of between 0.75% to 1.5% + a month on unlimited loan sizes for terms of up to 24 months. Many of the best known brands are listed as accepting adverse credit applications and some offer niche lending on security as diverse as public houses, care homes and farms.

The latest result from a Mortgage Solutions poll suggests our readership is split between serious converts to the bridging loans market and those who haven’t arranged any deals at all in the last 12 months.

Nearly a quarter of our readers (22%) have arranged 11 or more bridging loans for clients in the last 12 months and 15% say they have arranged between 1 – 10. However, a massive 64% say they haven’t arranged bridging finance in the last year suggesting the sector still has some bridge building of its own to do.

Michael White, managing director of Email Mortgages, says: “It’s very difficult to prove how much business is being done. But it can’t be a coincidence the bridging market has grown at the same time as the remortgaging market has disappeared.”

However, monthly pay rates of 1- 1.25% make bridging an unlikely candidate to replace the remortgaging market. Rob Jupp, managing director of packager Brightstar, said quite a lot of brokers are also under the misapprehension that bridging is the new specialist sub-prime market. It isn’t, he says, but it still has plenty to offer.
“Brokers just need to be educated on the fact this is a bona fide business stream and is keeping a lot of clients happy.”

Ray Boulger, senior technical manager at John Charcol, says the broker doesn’t do a huge amount of bridging, but it has done more since the credit crunch.
“We had a client with a buy-to-let portfolio who wanted a deal for two or three years worth £17m which went to a bridging lender. That’s not the sort of deal the private banks could do and was also fairly exceptional for us,” adds Boulger.

Duncan Kreeger, chairman of West One Loans said he thinks the rising calibre of lending opportunities from borrowers squeezed out of the mainstream market means lenders are more willing to compete harder on rates.
“Previously, bridging lenders were used when borrowers had exhausted all other options. Now people are capitalising on opportunities at auction, for example, or on other deals where speed is of the essence and they don’t want to miss out,” says Kreeger.

The market can be a tough one to navigate, says Jupp, if you are unfamiliar with the sector, with lenders specialising in particular niches. “As a packager, we understand when a lender is trying to chance its arm and charge a higher rate than it needs to. We can do battle for brokers on the rate and fee and try to get better terms than they can get anywhere else,” he says.

The regulatory hurdle

On 1 February 2011, Masthaven became the latest lender to become FSA regulated, which it said is a reaction the “changing regulatory environment.”
There is no clear regulatory timetable yet for the bridging industry, but many are convinced it will happen within the next two years, as simultaneously, the business case for becoming regulated is becoming increasingly clear.

Richard Deacon, sales and marketing director at Masthaven, said: “We wanted to be able to offer a one-size fits all package and often lend much lower LTV s on first-charge deals, which are unencumbered and really quite attractive. Regulation should also expand our access to funding,” he adds.

Business development manager at Tiuta, another regulated lender, Guy Garrard tells Mortgage Solutions its first-charge lending has jumped from 5% to 40% of its book since the start of 2010.

Boulger says whatever else people have to say about the market, it is one sector of the market where real competition is developing.

“In the fullness of time, some of the bridging lenders will metamorphose into mainstream lenders. Some are more likely than others to move in this direction,” he adds.

For quick and easy bridging loans contact Masthaven on: 020 7036 2000

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Troubled bridging lender sells rotting prison site to re-coup losses

February 18th, 2011

A Scottish bridging company is selling the site of a former remand centre in a last ditch attempt to raise finances.

Munro Bridging Finance Ltd is selling the 8.5 acre piece of land in Lanarkshire, where the infamous Longriggend Remand Centre once stood. There is no set asking price as of yet.

Munro took over ownership of the land when one of its clients defaulted on a loan. The company has now gone into administration and has little choice but to sell the plot. In reality though, it is unlikely that the land’s plagued history will increase its value or entice developers.

Before the remand centre was closed in 2000, it housed young men awaiting trial. The conditions within the centre were so dire that inspectors branded it “grossly unsatisfactory” and a “power keg of frustration”.

In 1988 the inmates organised a rooftop riot, where they tried their best to let the world know the conditions they were being kept in. Across the windows, metal grilles had been left un-cleaned for decades and contained excrement, debris and other atrocities.

After the centre was finally closed down the building was left empty for five years and soon attracted drug users and squatters.

It was finally knocked down in 2005 and has only attracted one developer to ask for planning permission since. St Andrew’s Homes Scotland Ltd wanted to build 240 homes and seven commercial units but their planning application was refused for environmental reasons. In particular, the council were concerned about effects on the local geese.

The planning advisor reported to the council that “the determining issues in this case were whether the proposed development would be a justified and sustainable development in the countryside and whether the impact on the Bean Geese in the Slammanan Plateau special protection area would be acceptable.”

After determining that the protection was not ‘acceptable’, the application was refused. But since then the council seems to have changed its positioning and is hoping that a developer will improve the site.

Local councillor Sophia Coyle said: “The way the site has been left to rot for umpteen years has been devastating to the local people and to me as a councillor.

“I hope whoever eventually buys the land will build houses and a community facility, because Upperton desperately needs it.”

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Surge in packagers’ appetite

February 18th, 2011

January’s figures suggest that packagers are returning to favour on the mortgage market.

When The Mortgage Alliance (TMA) questioned a group of directly authorised intermediaries (DMAs), they found that around half believed that there had been an increase in the number of lenders willing to use packagers’ services.

Rob Derry, Managing Director of Brunel Mortgages and Loans, said: “The last three years have been difficult but the professional, flexible and experienced packagers have survived. Brunel have been packaging secured finance for the last 25 years and brokers needn’t worry that we will steal their clients.

“We do not cross-sell any products, we don’t market to customers introduced and we don’t have a direct-to-customer arm that is competing with our customer, the broker. With more lenders flexing their criteria and being open to making lending decisions outside criteria, a packager with a good relationship with a range of lenders adds enormous value to the process.”

The survey also revealed that 41 per cent of respondents found the services offered by packagers relevant in the current market and helpful when placing a non-standard deal.

Broker Bob Havenhand, of south Yorkshire Property Consultants, said: “I think that they (packagers) can be extremely useful, particularly in the buy-to-let market where up to date information is essential”

While the interest in packagers seems to that of be reverting to pre-credit crunch days, the industry as a whole is non-recognizable and has changed significantly.

“I think the packaging days as we knew them ‘pre-credit crunch’ are long gone, with lenders fighting over themselves to have packagers distribute their specialist products, and paying extremely healthy commissions for doing so,” said Lucy Barrett, Director at W&B Mortgage Solutions Ltd.

” However, I do believe that lenders are seeing a value which can be added by this distribution channel again, and although the products look very different, and the way packagers operate has drastically changed, they have reinvented themselves to be able to work with lenders effectively in today’s market”

Phil Whitehouse, Head of TMA, said:Not everyone will be comfortable using packagers but what is clear is that there is still very much a place for packagers in the modern mortgage market as intermediaries are continuing to struggle placing the growing number of non-standard borrowers who are failing lenders strict credit scoring.

“There are still specialist lenders out there with an appetite to lend through specialist distributors who can really help with complex applications and clients with non-standard criteria. And it is up to mortgage clubs such as TMA to continue helping members to ensure their clients have access to all the available deals.”

This recent surge in interest for packagers does not mean that the road is onwards and upwards for packagers, who are painstakingly aware that the environment is still competitive and still capable of receding.

Lucy Barrett added: “Packagers need to be very on the ball when it comes to product knowledge, processing applications, and ability to market products effectively. Lenders have gone back to basics in evaluating the need for packages, rather than just taking more and more packagers on, paying away large commissions just to keep up in a very fluid market.”

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Cash buyers emerge from the slump

February 18th, 2011

New analysis shows that properties which are cash buyer ‘friendly’ have a better chance of being sold in today’s lethargic market.

According to Hometrack’s’ latest national housing survey, the number of cash buyers is clearly increasing. These buyers normally account for perhaps 20 – 30 per cent of the market, but more recently approximately 40 per cent of the market was dominated by cash buyers.

Commenting on their findings, Richard Donnell, Director of Research at Hometrack, said: “It is important to point out that a significant number of transactions, up to two fifths of sales, are driven by cash buyers purchasing without a mortgage – acquiring property as investments or looking to take advantage of weak market conditions.

“All buyers, regardless of whether they hold a mortgage or not, will feel the impact of weaker market sentiment but a sizable proportion of owner occupiers – we estimate 45 per cent of households – do not have a mortgage and will not be exposed to higher rates.’’

Dips in supply and demand are characteristic of the post-Christmas period, however, this year’s figures were alarmingly extreme. In January 2010, demand stood at -2.5 per cent and supply at -1.3 per cent. Currently, we are looking at supply and demand standing at a staggering -5.4 per cent and -9.4 per cent respectively, indicating that the housing market is facing more fundamental issues.

Mr Donnell added: “There are no signs of a New Year bounce for the housing market as 2011 begins with a sluggish start. To date, record low interest rates have provided a much needed boost to households with mortgages. But with the majority of mortgagees holding variable rate products, the prospect of higher interest rates and increased mortgage costs mean that few will be considering moving house. In short, demand for housing is, over the coming months, likely to fall further.’’

But despite widespread concern over mortgage rate increases, opting to buy in cash may not be the best long term option.

Christian Faes, Managing Director of Montello Bridging Finance, said: ” A borrower may take the view that they can buy one property in cash, but with bridging finance they can buy into two projects with the same amount of cash. If they are astute buyers, a few percentage points across the purchase won’t make any difference to the overall profit they are looking to make on the deal.”

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Project Merlin lacks magic

February 11th, 2011

Yesterday (Wednesday 9th February) we heard Chancellor of the Exchequer, George Osborne, announce the finer details of Project Merlin, an agreement with tops banks that was intended to finally induce more lending.

The four biggest British banks (RBS, HSBC. Lloyds and Barclays), plus Santander, will commit to make available £190 billion of credit to business in 2011, up from £179 billion in 2010. Of this lending commitment, £76 billion will be made available for smaller businesses, which represents an increase of £10 billion or 15 per cent in credit available to Small Medium Enterprises in 2010.

Yet despite this being a step in the right direction, very few within the Commercial Finance industry are bowled over. Most agree that businesses, and particularly SMEs, will still be left wanting.

Adam Tyler, Chief Executive of the NACFB, said: “Our figures on SME lending last year showed an 18 per cent increase year on year, but that was still only 39 per cent of where we were at the peak, so this will not help all SME’s.

“Lending to businesses in the private sector is what is important at the moment, because this sector is being relied upon to fill the employment gap that is to be left by the public sector redundancies. If business owners cannot obtain the funds to invest in their business, it cannot grow or potentially employ more staff.”

Further controversy has been raised over the way that the agreements were phrased. The banks have committed to ‘make available’ the money, but making it available may not mean that it actually reaches those who need it.

Jonathon Samuels, CEO of Drawbridge Finance, said: “Project Merlin cannot be seen as a bad thing, but it is really an intention rather than a commitment to lend. This is a bank led initiative, and shows that banks are making themselves more transparent.”

Mr Samuels added that the project could induce a greater proportion of the public to apply for loans, where in the past they may not have.

“There has been a general opinion that the banks are not lending. The announcement may expel this opinion to a certain extent,” he said.

One thing which all within the industry agree on is the fact that private lenders must continue to do their part in lending.

Mr Tyler said: “The SME market should benefit from this extra lending from the banks, but a lot of credit and recognition should go to those other lenders out there in our market. We have over 60 now who are also lending to businesses through commercial finance brokers.”

Richard Hamlin, a Director at First Merchant Finance, added: “At First Merchant we have trumpeted the funding of small businesses since our inception. Any initiative which increases borrower confidence, i.e. which dispels the view that there is no possibility of obtaining finance, is good news for all lenders and all commercial finance brokers.”

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Manchester property giant snatches a little more of the market

February 11th, 2011

A Manchester-based commercial property company has announced that it increased its value to £948M in 2010.

In its last financial year, Bruntwood increased its new lettings by 28 per cent and its overall turnover by 3 per cent. The company manages over 100 office buildings across Manchester, Liverpool, Birmingham and Leeds, and despite the market conditions over the last few years it has managed to increase its dominance and power in the industry.

Chief Executive of Bruntwood, Chris Oglesby, said: “Despite a tough market and stiff competition, we have delivered a very impressive increase in new lettings with a record year in Greater Manchester and continued success in our other three cities, Birmingham, Leeds and Liverpool, where we have attracted significant new occupiers. I am proud of the way that the team at Bruntwood have once again responded in delivering another very good set of results.”

But this ‘record year’ in Manchester comes as little surprise to those working and living alongside Bruntwood. Eugene Esterkin, MD of Manchester-based Affirmative Finance, noted that Bruntwood’s model, as well as Manchester’s strength in comparison to the rest of the UK (excluding London), had both contributed to the positive figures.

“The company is extremely well run and uses an effective business model. It is flexible, in that it accommodates both short and long-term lenders and it is also imposes less restrictions on its tenants than over letting agencies.”

He added: “Manchester is often seen as being the capital of the North of England by foreign investors and, in comparison to other big cities, has done well throughout the recession. It does not surprise me that the combination of Bruntwood’s clever model and Manchester’s strength would yield these results.”

Yet despite such positive increases in its value and its number of new lettings, Bruntwood confirmed that its net profit had actually dropped slightly to £11.1 million.

This fall though, may be due to the fact that the company also made a number of acquisitions in 2010, purchasing new properties in Leeds, Manchester and Birmingham.

Chris Oglesby said: “Although the market appears to be awash with bargains at the moment, on closer scrutiny, there is very little stock offering value of any quality. Despite this, we were able to dig out three high quality buildings which we believe offer exceptional value across the cycle.

“We are pleased to be acquiring properties again and are keen to extend our customer focused business model across the major UK regional cities. We work hard to be seen as our customers’ property partner, rather than their landlord and focus all our efforts on creating the right environments for them to succeed. Put simply, we know that our success and growth is inextricably linked to theirs.”

For all you property development finance contact www.masthaven.co.uk

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Flat-pack housing becomes the new bricks and mortar for lenders

February 8th, 2011

The house is flat-packed and boxed, but is it sturdy enough to solve the UK’s housing crisis?

Non-traditional housing options, such as flat pack Ikea-esque constructions, are certainly not a new addition to the property market. The first Scandinavian-style timber-framed home became available to consumers back in 2007, and since then many companies, including Tesco, have hopped on the flat-pack home bandwagon. A recent report from the Royal Institute of Chartered Surveyors (RICS) has suggested that houses constructed from these sustainable materials could be the solution to the UK’s property crisis.

There is certainly a demand for an affordable alternative to bricks and mortar, especially amongst first-time buyers. Recently, an Oxfordshire family demolished their 78-year-old home and replaced it with a four-bedroomed flat-pack construction. The property shell cost £126,000 to purchase, so a considerably cheaper option to re-building their home by traditional means. Not only does this option, being constructed from recycled materials address environmental issues, it’s also exceptionally sustainable. Made from German hardwood, the home is expected to exceed a life span of 100 years.

Steve Turner, a spokesperson for Home Builders Federation (HBF), stressed the need for the housing shortage to be addressed, commenting: “There is an acute housing crisis in this country – we estimate a shortfall of a million homes. The Government’s own household formation projections show we should be building around 230,000 homes a year. In 2009 we missed that by 100,000 and built less than any year since 1923.

“Indeed you have to go back many years to find a year when we got close to building the required number of homes. So any initiatives that help increase supply are very welcome.”

their launch, the flat-pack homes were available at around £150,000 providing an inexpensive alternative. Marketed as affordable, easy to put together and fast to build, this development was anticipated to alleviate the housing market and resolve the problem of first time buyers being shunned from joining the property ladder due to extortionate house prices. According to Eugene Esterkin, Managing Director at Affirmative Finance LTD: “Flat-pack is well established in certain countries and although not particularly favoured in the UK, it does present an interesting and innovative option for the UK market.”

The success of the timber structure option will, to a certain extent, be dependant on the willingness of mortgage lenders to provide financial aid. Regardless of the healthy market demand, if mortgages are unattainable these types of properties and their feasibility as a market solution will be limited. Steve Turner added:“A lack of mortgage availability is the main constraint on supply. Hard pressed first-time buyers need assistance, and lenders have to return to lending on realistic terms. Recent months has seen planning permissions granted drop, threatening a worsening of the crisis in the future. The Government must also deliver on its promise to reduce regulation.”

“House building sites can simply no longer support all the costs levied on them by central and local Government. So whilst self-build homes may not be the mainstream housing supply solution, removing the barriers to self-building is.”

However, according to Eugene Esterkin, There is no reason why in principle Affirmative would not lend on flat-packs and indeed we are always happy to lend where there is an innovative and creative proposal which makes sense. The key factor would be the exit strategy since clearly the borrower would be looking for long term finance to replace the short term product which we offer.”

“We do get occasional requests (for loans on flat pack housing) and have in the past completed transactions for this and other cheap and fast housing solutions.”

Flat pack housing seems like a suitable option but individuals and developers could be faced with difficulties when trying to purchase land and obtain planning permission. The need for extensive building regulation control as ‘cowboy entrants’ move into the growing alternative housing market must also be considered. Eugene Esterkin added:“Provided the suppliers are reliable traders and installers then there is a great opportunity to use the new technology available.”

From a lenders perspective a loan will only be issued if there is enough security against the lend.

James Moore, BDM at Regentsmead Ltd, said:“The property being built must be suitable for mortgage lenders’ security. It must also conform for health & safety reasons, and for our warrantee providers like NHBC and have been approved by Building Control. We are the first link in this chain and are happy to lend so long as this type of construction ticks all the boxes for us to receive our money back, be it by sale or refinance especially in this economic climate.”

“We must remember not so long ago the Labour Government stated 25,000 new homes needed to be built every year for the next 20 years or so and that we are no where near achieving this figure in the current climate. So if this new housing is seen as suitable for all parties who are involved in the development to personal mortgage process and are in agreement to the security being ‘of sound investment’ we would be pleased to be of assistance.”

If mortgage providers are willing to accommodate the financial requirements involved in developing this alternative housing option, it’s possible that the UK property market stand-still could be relieved, paving the way for future stability.

Bridging loans for property development

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