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Bridging Loans secures credit extension

Bridging Loans has secured an extension to its lines of credit from UK banks.

The firm says these funds will help it deal with the 50 per cent increase in enquiries it has received for its short-term finance during quarter two this year.

All credit line extensions are from existing relationships with UK banks.

Bridging Loans says the current market conditions have seen an increase in the number of opportunities for property investors who have the cash available for immediate purchases.

Around 60 per cent of bridges on its loan books are currently property investors looking for funding to increase their portfolio.

Finance director Ryneveld van der Horst says: “Backing from other lenders is extremely important in tight credit conditions and to maintain business growth. It also builds partnerships with the people you rely on most. When many banks and building societies are closing the doors on further lending to both companies and individuals, it is a true testament to our rigorous processes that they have chosen to extend our credit lines.

“We have been working with the banks in question for many years and are delighted that they recognise the long-term potential of this sector.”

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