Bridging loan specialist Cheval is planning to unveil its new logo and website at this year’s Mortgage Expo in London.The company is looking to spread the word to brokers who it says may either have a negative opinion of bridging finance or be unaware of the situations in which it can be used. Paul Rumbold, marketing director of Cheval, says: “People have had distinctly mixed experiences with bridging finance firms in the past but we want to be the acceptable face of the industry and be transparent and fair in everything we do.” The only charge Cheval imposes is a 1.4% rate of interest calculated daily. There is no completion fee. The company says that while some firms charge less than this, they tend to add on other fees. Bridging finance can be used for a variety of purposes ranging from residential to commercial loans. The average size loan is 200,000 and the average length of loan is seven months. Cheval’s website has been revamped to allow brokers to produce an online Key Facts Illustration. There is also a facility to track the progress of a loan. The firm is poised to make a big push into Scotland and is preparing a Scottish legal version of its documentation to this end. Rumbold adds: “People are not confident about bridging finance at the moment but we are educating them and showing them how it can be another string to their bow.”
- Top trends
The Professional Mortgage Packagers Alliance is believed to be launching a lender called Unity at the end of October. The launch date is rumoured to have been set as October 31 – exactly a year after the Financial Services Authority began to regulate the mortgage industry. Only four members of PMPA are thought to be […]
For the third consecutive year Kent Reliance has been the fastest growing building society in the UK, revealed by the authoritative annual Financial Services Report prepared by leading auditors KPMG.The Kent-based started its process of rejuvenation five years ago and has grown by more than 200% with assets now exceeding 1.25bn. At the same time […]
Preferred today announced the significant repositioning of its core range with reduced rates, increased discounts and the introduction of new criteria resulting in a dynamic range of products.John Webster, managing director of Preferred, says:”We have completely reinvented our Core Range following ongoing feedback from intermediaries. “The simplified product structure combined with the flexible either oroption […]
From Tony Tudor In response to John Rattigan’s letter (Mortgage Strategy September 12), we’d like to thank both him and MS for highlighting these matters. We appreciate that inaccurate references are frustrating in the context of materials to be used to update manuals. While such materials are issued to holders of manuals at no charge, […]
Earlier this year, Jelf Employee Benefits mentioned that the then minister for pensions was openly discussing the need for an increase in the minimum level of auto-enrolment pension contributions.
News and expert analysis straight to your inboxSign up