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Dragonfly and Capital A Finance bail out Co-Op
A bridging lender has bailed out a struggling high street bank with a £62.5 million bridging loan, secured against a £100 million portfolio of prime London property. Dragonfly Property Finance, alongside Capital A Finance, has written a £62.5 million bridging facility for the Co-operative Bank, which was looking to refinance a called-in debt. This landmark
Dragonfly bridge-to-let product for property developers
Dragonfly launched the hybrid bridge-to-let product, which combines a bridging loan and medium term loan into one product. The product is a two or three-year fixed rate product with an initial seven-month bridge period built in. Borrowers can either redeem the loan free of penalties within the seven-month bridge period, or they can seamlessly move
NACFB: Lending to SMEs grows for fourth year running
Short-term lending by members of the NACFB topped half a billion for the first time according to the annual survey of its members. The survey also found: • Overall lending to businesses was up by over 16% • There is real tangible evidence of the effect of peer-to-peer lending to SMEs • There was over
FCA to headline at Financial Services Expo
Financial Conduct Authority representatives will be speaking on both days of next month’s Financial Services Expo, the new exhibition for the financial services industry. The FCA will be represented at two sessions of the Association of Mortgage Intermediaries and the Intermediary Mortgage Lenders Association conference programme taking place on the 1 and 2 October at
Bridging Market Trend Report – August 2013 Averages
The table below represents applications and decisions in principle (DIPs) obtained during August 2013 by a selection of the industry’s most active loan distributors, providing an overview of finance availability and options based on the calculated monthly trends. Average LTV Average rate Average loan size Residential 59.24% 1.00% £347,367.33 Commercial 56.83% 1.29% £268,958.33 Development 53.55%
The Association of Mortgage Intermediaries welcomes consumer credit licence rebate
The Association of Mortgage Intermediaries (AMI) has welcomed the FCA’s decision to offer a rebate to consumer credit licence holders. Changes to the regulatory structure will see control of this area pass to the FCA from the OFT in April 2014. While the OFT had awarded indefinite licences to firms these changes will require advisers
Prime property discounts fall sharply
The chances of finding a bargain on a prime property for sale in the UK has fallen sharply in the last 12 months, new research from PrimeLocation.com has revealed. The proportion of prime properties (those worth over £1m) currently for sale that have been reduced in price since originally coming onto the market now stands
Capital Bridging posts 81% completions growth
Capital Bridging Finance, the City-based bridging lender has posted excellent first half performance figures, including an 81 per cent growth in completions. Commenting on a very satisfying period Keith Aldridge, Managing Director at Capital Bridging, summed up the reasons for their improved performance: “In the fourth quarter of 2012, we secured a funding line from
Voice of the Underwriter – July 2013
We are now half way through the year and I’m pleased to see that, if only for a few days, the weather has started to perk up and look a bit more like summer. The time since I last wrote has passed in a flurry of activity with new cases, new sales incentives and lots
The Bridging Market – How big can it get?
Over the last couple of months I have read in the trade press various figures for the size of the bridging market but I feel most of them are wide of the mark. From the numerous information sources that I have available to me it is clear that the bridging market is well over £1
