News & Views

Fincorp praised for its fast and fuss-free 2nd charge lending

Bridging lender Fincorp has been endorsed as a leading 2nd charge lender by successful brokerage Lifetime Mortgages and Finance Ltd. Fincorp, which deals primarily in London and the South East, was able to assist LMF recently in helping a client who was struggling to complete on a commercial transaction due to delays involving their mainstream lender.
2nd charge bridging finance was able to fill the gap.
The client was looking for finance in region of £600,000 secured by way of a 2nd charge loan on their main residence. Fincorp was able to accommodate this and the client was able to complete in just 12 days.
Lifetime Mortgages and Finance's client is not alone. Lenders have squeezed their criteria so tight that only the bare minimum of businesses have managed to obtain funding at a time when small businesses need finance more than ever.
Fincorp is proud, therefore, to receive endorsement from LMF.
Mike Hoare, founder and director of Lifetime Mortgages and Finance, says: "We like dealing with Fincorp because they're very transparent in their approach. There's no fee structure and the paperwork is simple to deal with, as there are no application forms; it's all done by email. From a financial intermediary's point of view, that provides a simple process when making an application.
"Start to finish took just 12 days, from submitting the application to getting the funds in the hands of the solicitor. We always obtain feedback from customers and they were very pleased with the speed and the overall process. It was simple from their point of view as well as ours so we recommend Fincorp to anyone."
Matthew Anderson, director of Fincorp, says: "In the current climate it is successful businesses who need the finance, it is these businesses who have been able to continue trading. Without access to credit their attempts at maintaining and growing their businesses are being hindered."
Fincorp offers 2nd charge bridging loans at 60% of the value of a property, less what is outstanding on the 1st charge.

Fincorp delivers bridging loan in 48 hours

Bridging finance lender Fincorp has proven why it is leading the way when it comes to fast and reliable finance by completing a bridging loan for a client in just 48 hours.
The lender received a request for a sizeable loan from property acquisition specialists London and District Ltd. The client needed the money quickly in order to complete a deal at an advantageous price.
Demonstrating why its mantra of "no fees, no fuss" is much more than just a catchy slogan, Fincorp was able to agree to the deal and release the funds to the client within two days.
Mark Smith, managing director, London and District Housing Ltd, says: "London and District have been using Fincorp since the early 1990's and it has always provided speedy service with its transactions. Fincorp definitely has a place in the current market, this is proven by the fact it managed to turn around a deal for us in 48 hours from the first phone call to drawdown."
Matthew Anderson, director of Fincorp, says: "At Fincorp we pride ourselves on being a lender clients can rely on when they're up against it and our clear cut lending helps us to assist them quickly and with minimum fuss. We're very pleased to have been able to help Mark."
Unlike many specialist lenders, because Fincorp is a principal lender customers are able to get a decision immediately without having to wait for authorisation from anybody else. What's more, once an offer has been made by Fincorp (usually within 24 hours) customers can feel assured that the lender will not break its promise.
Fincorp specialises in residential property loans, primarily in London and the south-east. It can lend anything from £150,000 to £5,000,000, with no minimum or maximum period and loan up to 70% of the property value, secured on the property.

Where 2nd charge bridging finance can make a difference

For the last couple of years the government has been urging banks to lend to small firms. Yet, despite frequent calls on UK lenders to do their bit for the recovery it seems they are failing to comply.
Lenders have squeezed their criteria so tight that only the bare minimum of businesses have managed to obtain funding at a time when small businesses need finance more than ever. Small firms need to grab opportunities where they can. This can mean a firm needs cash quite quickly. And if getting any funding from mainstream lenders is difficult, getting it quickly is impossible.
This is where 2nd charge bridging finance can be of use. 2nd charge bridging can provide the necessary funds to fill the gap left by high street lenders.
At Fincorp, we recently assisted a broker partner in helping a client to complete on a commercial transaction relating to their business. The client had exchanged on a particular purchase but there was a delay in receiving commercial finance from their bank - a situation many small businesses in the UK will be familiar with. They therefore needed 2nd charge bridging finance in order to fill the void. The client was looking for finance in region of £600,000 by way of a 2nd charge loan secured on their main residence. We were able to provide this within a matter of days and the client was able to complete the transaction.
Examples like this demonstrate that fast, efficient 2nd charge bridging can mean the difference between a business' ability to grow and strive and it being rendered stagnant and is therefore a crucial product.