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.