Bridging finance company Cheval is pleased to report that so far June has proved to be the most positive month of 2009 in terms of the volume of enquiries and, just as importantly, the number of completions.
Its figures have been boosted by the completion of a £1 million loan secured on a West End office block.
Chief Executive Officer, Alan Margolis, remarked: “We actually had all the work done and funds ready for release within 4 working days, but the borrowers had issues that delayed the actual purchase date. Although our normal maximum loan advance is £500,000, we have always been flexible in our approach to loans which fall outside our standard criteria. This is a first class property and our borrowers have invested a great deal of their own money into the venture. No one should doubt the ability of specialised short term lenders like to Cheval to help oil the wheels of the economy and make our own modest contribution to get things moving again.”
Head of Finance Gavin Diamond said: “Both our introducer and clients were very impressed that given the well publicised constraints in the general availability of funding, Cheval was able to have in excess of £1m available for drawdown in such a short space of time.”
Gareth Lewis, Cheval Head of Marketing is pleased not just with the large loan completing, but with the volume of “quality” enquiries. “We are seeing many enquiries where borrowers both expect and are able to make significant financial contributions when purchasing properties.” He said. “This realism results in more enquiries actually completing and our experience is that sentiment has genuinely improved markedly, even since the end of April.”
Head of Finance Gavin Diamond said: “Both our introducer and clients were very impressed that given the well publicised constraints in the general availability of funding, Cheval was able to have in excess of £1m available for drawdown in such a short space of time.”
Gareth Lewis, Cheval Head of Marketing is pleased not just with the large loan completing, but with the volume of “quality” enquiries. “We are seeing many enquiries where borrowers both expect and are able to make significant financial contributions when purchasing properties.” He said. “This realism results in more enquiries actually completing and our experience is that sentiment has genuinely improved markedly, even since the end of April.”
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