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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.



The consumer conundrum

Financial services professionals have been heaped with blame for the credit crunch but the issues of consumer responsibility and education can no longer be ignored

your shout

The best of the comments from Mortgage Strategy online.

Experience needed to assess risk, not automated systems

The tragedy of the market is highlighted by my dark-haired colleague (see previous letter). Here is a skilled risk-taker who is unemployed while big lenders blithely persist with the credit scoring approach. Don’t get me wrong, I believe scoring works with the lowest of risks and this is undoubtedly highlighted by the tightening of criteria […]


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