UK Money News
9th May 2008
Consumers turning to bridging loans
The reluctance of mainstream lenders to grant credit is fuelling a rise in the number of consumers turning to bridging finance, it has been claimed.
One consequence of the credit crunch is that borrowers are finding that funding from lenders is increasingly hard to come by.
This has manifested itself in lenders raising rates on loans and tightening their loans and mortgages criteria.
According to Chris Baguley, managing director of Bridging Finance, this has forced more and more people away from high street lenders, with the result that they are seeking bridging loans from non-mainstream loan providers.
He commented: "We have actually seen several new bridging lenders entering the market in response to this demand, although at this stage their commitment and capacity to lend is unproven.
"My understanding is that providers of residential bridges are also seeing an increase in demand due to conditions in the residential property market."
A survey conducted by Bridgingloans.com reported that 88 per cent of bridging loans taken out were related to residential property.
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