Lenders have squeezed their criteria so tight that only the bare minimum of businesses have managed to obtain funding at a time when small firms need finance more than ever.
Small companies need to grab opportunities which can mean they need cash quickly. And if getting funding from mainstream lenders is difficult, getting it quickly is impossible.
This is where second charge bridging finance can be of use as it can provide the funds to fill the gap left by high street lenders.
We recently assisted a broker partner in helping a client to complete on a commercial transaction relating to their business.
Although the client had exchanged on a particular purchase there was a delay in receiving commercial finance from their bank – a situation many small businesses will be familiar with. So they needed second charge bridging finance to fill the void.
The client was looking for funds in the region of £600,000 by way of a second charge loan secured on their main residence. We provided this within a matter of days and the client was able to complete the transaction.
Examples like this demonstrate that fast, efficient second charge bridging can mean the difference between a business’ ability to grow and it being rendered stagnant.