In early October, nine months after its launch, the London-based short and medium-term specialist, Drawbridge Finance, passed the £50 million mark on its medium-term loan book.
Medium-term loans are essentially bridging loans of two to three years, they are increasingly used by portfolio landlords and professional investors when they fail to meet the automated credit scoring requirements of a high street lender.
This is often due to the loan size, portfolio structure or because the application is by a limited company.
Commenting on the lender’s latest milestone, Jonathan Samuels, CEO, Drawbridge Finance, said that the growth in the lender’s medium-term loan book reflects the difficulties many prospective borrowers are having securing finance at traditional lenders.
He said: “The black and white criteria of the high street banks are creating a buoyant new loan market, and one that we believe has considerable potential in the years ahead. Loans of two to three years can be the perfect solution when an application falls just outside the tramlines of a mainstream bank and is rejected, even if the borrower is good quality and low risk.
“In some cases, of course, they can be the most suitable option from the very start.”
Only recently Drawbridge Finance announced a recruitment drive which has seen it
appoint Martin Gilsenan as its new relationship manager.
The lender offers loans of two to three years up to 70 per cent LTV, visit
www.drawbridgefinance.co.uk
for details.
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