News & Views

Fincorp's 'No-fees' bridging approach helps fill the mainstream lending void

Bridging finance has long been seen as a specialist form of lending, used only as a last resort. As such not a lot of people know about or indeed understand it. But in recent years bridging has come into its own, with its vast number of uses becoming clearer. As such Fincorp, one of the most well-respected names in the sector, has seen a surge in business, as it continues its mission to offer no-fuss, fee-free loans to individuals and businesses alike, amidst the tough economic times.
Where high street lenders are concerned, lending is no longer something they're always willing to do. Indeed even prime, run of the mill funding is difficult to come by, so for individuals seeking specialist lending the challenge is often insurmountable.
Let's look at some examples.
Buying at auction is a popular way to buy property these days. However, obtaining the funds to buy at auction from a mainstream lender can be almost impossible. Bridging finance can help individuals to access funding quickly and easily - often within 48 hours - in order to complete on a transaction in time.
Bridging can also help for properties that are unmortgageable due to structural issues or a lack of what are deemed as basic requirements (a kitchen or bathroom for example). Bridging finance can enable a buyer to purchase the property and make the necessary renovations before seeking mainstream finance.
Businesses too can benefit. For the last couple of years the government has joined small businesses across the UK in 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.
Second charge bridging can help clients to complete on commercial transactions relating to their business. For many business owners there is often a delay in receiving commercial finance from their bank. They therefore need second charge bridging finance in order to fill the void.
Unlike many specialist lenders Fincorp is a principal lender and customers are therefore able to get a decision immediately without having to wait for authorisation from anybody else.
Barry Scott, business development manager at Fincorp, says: "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."
Fincorp specialises in residential property loans, primarily in London and the South East. We 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.

Borrower strikes gold thanks to £3m Fincorp loan

A borrower in London is set to make an Olympic-sized return on a London property - thanks to a helping hand from Fincorp.
The bridging lender was able to assist the borrower in buying a £4.55m home in London's illustrious Knightsbridge borough by releasing bridging finance to the tune of £3m.
The deal meant the borrower was able to secure the property in time for the run up to London 2012. With the capital hosting the Olympics games an estimated 600,000 people are expected to descend upon London - many of whom will be looking for accommodation.
The borrower will be able to let the property, situated on the stylish Princes Gate Mews, while planning permission is granted and long term development funding negotiated. In time it will be turned into a dream pad with all the fabulous features you would expect from a multi-million pound property including a gym, sauna, steam room and potentially a swimming pool. On the basis that planning is forthcoming, the client anticipates a resale value of the property when complete of around £10 - £12 million.
Despite the huge sums of money involved Fincorp was able to turn around the deal quickly and efficiently - with no stress or strain on the client. And the 'No-fees' mantra, which the lender lives by, meant the client saved a hefty sum. The lender and client are already in talks for further deals - meaning everyone's a winner - now let's hope our athletes are too!
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 loans up to 70% of the property value, secured on the property.