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Salt Commercial suspends new lending

Salt Commercial has become the latest lender to suspend new lending.

The lender says it will be reviewing pipeline cases which have yet to complete.

Both Base Commercial Mortgages and Lancashire Mortgage Corporation has offered to help brokers affected by Salt’s decision.

LMC director Gary Bailey says: “We still have a strong appetite for new business and are happy to look at any cases that have been affected by Salt’s decision. We can handle all kinds of commercial business and, as well as our standard criteria, we also operate a similar policy of considering each case on its own merits. With over 30 years of experience in the commercial market and innovative products we are well placed to assist brokers at this time.”

Base sales and marketing director Paul Marland says: “Preparing and submitting a commercial mortgage application involves considerably more work than a residential mortgage and to have to re-broke cases is a major set-back for intermediaries.

“Base is happy to extend a helping hand to our key business partners, particularly those who have clients where speed of completion is a critical factor. We cannot guarantee to accept every case, but we will certainly give them our immediate attention and provide a quick decision.”


Positive feedback

Let’s get over those gloomy winter nights and open our eyes to look at spring which is doing its best to raise spirits. Birdsong is waking us all and, on my morning walk with my dog Max, I have been interested to see daffodils, tulips and now bluebells popping up in gardens and riverbanks. The golf clubs have even had an airing (on the driving range, of course) before seeing the green grass of a proper golf course when the sun gets higher in the sky.

Recovery position

It is a natural reaction to be bearish amid current uncertainty over the depth and duration of the economic slowdown and investors have mostly flocked to defensive sectors. It is interesting that the normally cyclical commodities sector is trading at elevated prices despite recessionary concerns. Conversely, banks, retailers and housebuilders have been punished.


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