Link Lending in administration
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Bridging lender Link Lending has appointed PricewaterhouseCoopers to wind down the firm.
A spokeswoman for PricewaterhouseCoopers has confirmed to Mortgage Strategy online that it was appointed on 8 October and is working with staff to shut down the business.
The news follows the departure of the firm’s managing director John Maclean in September.
Short term lender Cheval says it is willing to try to assist brokers whose applications were being processed by Link Lending at the time it was placed in administration earlier this week.
Alan Margolis, CEO at Cheval says it is conscious that there might be deals stuck midstream in processing but if at all possible, Cheval will assist intermediaries and borrowers who find themselves in this position.
He says: “It’s clearly a sensitive situation, but where there are applicants and brokers whose loans also meet Cheval’s criteria, then it makes sense to say to those people that Cheval will try to assist whereever possible.
“Where valuations have already been carried out, we will endeavour to use those as the basis of a Cheval valuation and meet borrowers’ time deadlines.”
The Funding Operation is also offering to assist all intermediaries who have live pipeline business with the lender.
Rhiannon Gray-Minton, managing director at TFO says: “It is such a shame to see highly respected lenders like Link Lending go out of business, but it is also the trail of misery this leaves for intermediaries and their customers with unfulfilled loans and loss of commission earnings.
“At TFO we work closely with a large panel of lending partners and would be delighted to assist any intermediaries who have been affected by the closure of Link Lending.”
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