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Preferred Mortgages agree bridging-loan partnership

Preferred Mortgages has partnered with Cheval Property Finance Plc to offer bridging loans to provide intermediaries with access to interim funding for their clients with minimal formalities.

The most common use for bridging finance is to assist people buying property before their present house is sold. Preferred believe this type of funding is much underused and can benefit customers in a variety of circumstances such as during a property refurbishment.

The scheme offers access to funding at competitive interest rates with no minimum term. Funding is available for up to 12 months and loans are available up to £750,000.

Simon Biddle, marketing development manager at Preferred Mortgages says: “This scheme is a deal saver which could mean the difference between an intermediary&#39s client completing on their purchase or losing their deposit and their next property.

“We are pleased to be partnering with Cheval as its in depth experience of the market and flexible method of lending complements the Preferred approach.”


Platform end dates extended

Non-conforming specialist Platform Home Loans has extended the end dates on its three discounted products by four months. The lender, confirmed as parent company Britannia Building Society&#39s first choice for sub-prime lending over Verso in September, has launched a two-year discount of 1.5% until December 1 2004, an 18-month discount at 1.75% until June 1 […]

IMLA looks ahead as chairman quits

The Intermediary Mortgage Lenders Association is in the process of electing a new leadership, with current chairman Tony Ward stepping down. Ward, also chief executive of Britannic Money, has opted to step down following two years in the post. Seven unnamed nominations have been received for the posts of chairman, vice-chairman, and two additional management […]

Woolwich pulls out stops to boost its standards

The Woolwich has changed its lending policy in a further attempt to improve service standards. The lender has relaxed requirements for documentary support on all cases above 70% LTV. New applications must be supported by three months&#39 bank statements and a payslip. The Woolwich has also ruled out requirements for references on second properties purchased […]

New head of sales at Birmingham Midshires

Alan Cleary has been promoted to the post of head of sales at Birmingham Midshires. In his new role, Cleary takes responsibility for the lender&#39s mortgage consultants and intermediary sales team. Cleary says: “The sales team are essential to the continued success of our specialist lending function. We&#39re concentrating on a market-led and sales-focused approach […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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