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Cheval Bridging Finance shuts after 17 years

Cheval Bridging Finance is to close after 17 years after its primary funding was withdrawn by Clydesale Bank, Mortgage Strategy understands.

It is believed the firm is about to enter administration and has begun to make redundancies with all staff now subject to a 90-day consultation.

Cheval is an FSA-regulated lender, a Council of Mortgage Lenders’ member and founding member of the Association of Short-Term Lenders.

The firm was subject to a management buyout in February 2011 together with a consortium of investors and saw a 25 per cent increase in business in 2011.

Cheval refused to comment.

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