Hampshire Trust Bank is to launch into the bridging sector.
The move follows the challenger bank’s launch into the commercial mortgage and professional landlord sectors earlier this year.
Hampshire’s managing director of commercial mortgages, Colin Bell, says: “Bridging loans form an important part of the mortgage funding market, providing a relatively speedy short-term solution to get people on the move.
“There is a growing demand for this type of funding and as a bank that is focused on supporting British businesses, we are committed to providing the flexible financing solutions our customers need to grow.”
The bank has hired Colin Stevens as head of bridging and Iain McCarrell as a senior underwriter in preparation for the launch.
Stevens was self-employed before joining the lender although he was previously director of lending at Heritable Bank and head of mortgage lending at Sun Bank.
McCarrell joins from Amicus and has 15 years’ underwriting experience.
Bell adds: “The bridging, commercial and professional landlord’s mortgage sectors represent a wealth of opportunities for us. We are delighted to welcome Colin and Iain on board. They both have a great deal of experience in specialist lending and they are an important addition to our expanding specialist commercial mortgages team.”
Stevens says: “The chance to be involved in the start-up of a new business line within this growing and well-respected specialist challenger bank was just the opportunity I have been looking out for.”