Record lending at Bridgingfinance.co.uk

Manchester-based short-term lender Bridgingfinance.co.uk 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.

Bridgingfinance.co.uk 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, Bridgingfinance.co.uk 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.

Bridgingfinance.co.uk 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.”