Bridging finance (NW) celebrates record year

Merseyside short term lender, Bridging Finance (NW) Ltd, is celebrating a 41 per cent increase in turnover one year on from the launch of its £20 million Short Term Business Finance Fund.

The fund, which was launched to help entrepreneurs and investors whose growth plans had been hit by the credit crunch, generated £98 million worth of enquiries since April 2009. As a result Bridging Finance (NW) has expanded its panel of North West brokers by 131 per cent.

Bridging Finance (NW), which is the only private principle lender in Merseyside and North Wales, is reporting a 46 per cent year-on-year rise in loans written in the same period.

The firm has also been shortlisted in the Property Finance Award category at this year's prestigious Insider Property Awards.

Steve Barber, director of Bridging Finance (NW) Ltd, said: "We've had an incredibly busy 12 months as investors have turned to bridging finance to help them reach their growth ambitions.

"Over the last few years, bridging has become a more recognised form of funding - it is no longer seen as a last resort, instead it is considered to be a more mainstream method of facilitating transactions.

"To build on this we have invested heavily in the company's infrastructure with the appointment of three non-executive directors and the implementation of a new full case management system, which will support our continued growth over the coming years."

Bridging Finance (NW) Ltd was established by former management consultant Steve Baber in 2005 and has since arranged more than £40 million of bridging and development loans across the North West and North Wales.

The Short Term Business Finance Fund offers loans of between £30,000 and £500,000 for up to six months, for a variety of business needs.