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Record lending at

Manchester-based short-term lender is experiencing record levels of lending.

The company reports that lending is up 130% in the four weeks to July 31 compared to the previous four-week period &#45 the sharpest hike in its history. says greater flexibility offered by bridging loans over other forms of finance, such as overdrafts, is prompting increasing numbers of borrowers to switch to them.

As well as the traditional use of bridging loans as a stop-gap between house purchase and sale of property, is receiving applications for a large number of other uses where short term finance is needed. These include site acquisitions, self-build projects, business funding and business obligation payments, as well as holidays, weddings and car purchases. director, Marc Goldberg, says: “There has always been a steady demand from house-buyers who have needed to prevent a house purchase falling through, but now we are seeing business from lots of other areas – both businesses and private individuals.”


Next Treasury paper imminent says CML

The Council of Mortgage Lenders is expecting near final rules on mortgage regulation and the latest consultation paper from the Financial Services Authority to be published by the end of this week.Mortgage Strategy has seen a secret memo sent on Friday to members of the Mortgage Intermediary Advisory Group, which says that the FSA&#39s consultation […]

FNMC goes discounted

First National Mortgage Company will launch a new, discounted SVR-based mortgage on Thursday this week for borrowers who want to minimise their monthly payments in the early months.The deal provides a discount of 1.25% (SVR 5.99%) for the first six months of the mortgage term, giving a current starting rate of 4.49%.The product offers LTVs […]

Suspect franchises called into question

The Mortgage Code Compliance Board has been criticised for failing to crack down on suspect franchise operations.The criticism follows the failure of Manchester-based The Mortgage Practice, which was put into administration in June. Over a hundred investors were attracted by national newspaper advertisements offering potential annual earnings of £100,000 in return for membership fees of […]

Misys IFA Services launches membership management system

Misys IFA Services (MIFAS), representing the largest group of IFA networks in the UK, has announced the launch of its Membership Management System (MMS), a software solution developed to record and assess all individual and member firm application details. MMS provides all MIFAS networks with a common data source that instantly identifies at what stage […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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