Drawbridge seeks approval to offer mortgage range

Drawbridge Finance is applying to the Financial Services Authority for permission to offer regulated mortgages.

The short-term lender had a soft launch into the market last year but increased its distribution to 35 partners in March.

Mark Posniak, head of business development at Drawbridge, says: “Our focus remains our residential investment business and attracting good quality business.

“But we want to keep our options open and having the approval in place will allow us to do this. However, we don’t have any immediate plans to offer residential mortgages.”

Drawbridge has built its loan book to £80m in its first year of trading and Posniak says it aims to increase this to £200m.