Mortgage Mole: Team players?


Intrepid Mole, digging up the stories behind the news

Team players?

Bridging to the rescue! This week Mole hears that a bridging loan is crucial to the survival of Morecambe Football Club, which is strapped for funds and needs a cash injection to keep going.

The club made a loss of nearly £830,000 in the past financial year and the club’s directors have been putting in money to keep it afloat.

Mole understands the beleaguered football club now needs two bridging loans, of £180,000 and £200,000. Surely this is a golden opportunity for a bridging lender to combine two of Mole’s favourite things: football and short-term finance.

Will the market help save the club from an undignified end, perhaps becoming Morecambe local legends into the bargain? Mole fervently hopes so. Let’s do it for The Shrimps.

Wood you believe it?

Mole has no need to convince any readers of the inherent worth and generally noble heritage of the UK mortgage industry. But he was interested to read this week that archaeologists in London had unearthed and transcribed the country’s earliest financial document – and their exciting find may be some sort of property loan.

Historians excavating the foundations of Bloomberg’s new headquarters in the City found a wooden ledger dating from 57 AD that referred to a debt of 105 Roman denarii, or £10,000 in modern sterling. Around half of the documents unearthed at the site referred to loans or debt.

Rumours that this early lending industry was heavily reliant on the wisdom of a certain mythical Raymondus Boulgerus are currently unsubstantiated.