Bridging loans enquiries increase by 50 per cent

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Bridging loans enquiries increase by 50 per cent

Enquiries into bridging loans to Bridgingloans.com rose by 50 per cent in the second quarter of the year.

The bridging finance solutions provider suggests an increasing trend towards short-term finance, with investors and businesses hoping to take advantage of properties at good prices as soon as possible.

Bridging loans allow buyers to acquire desirable properties before mainstream lending has been implemented.

Managing director of Bridgingloans.com Martyn Smith said the increase in enquiries was "very positive".

He advised those with the right lending criteria to "snap up value-for-money opportunities", anticipating an "up-turn in the financial market".

Bridgingloans.com said a "robust underwriting procedure" in loan approval meant it had continued to provide short-term finance and funding for investors within days.

Andrew Montlake of independent mortgage broker Cobalt Capital recently warned on financial website thisismoney.co.uk that bridging loan seekers needed a "solid exit strategy" in four weeks' time as bridging is usually charged per month.

He said increasing popularity of bridging loans had led to a lot of choice but customers should research thoroughly to avoid companies that "will happily rip you off".
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