Bridging Loans unaffected by Brexit
By: James Newland
Short-term funding remains strong and healthy providing bridging solutions for developers, refurbishers, businesses and traditional bridging between the sale and purchase of residential property, unaffected by the Brexit votes.
Bridging finance for property development continues to rise by 39.1% year upon year down to the economic demand in the market.
There are many big decisions being made at the moment. Prime Minister, Theresa May, has recently stated that Article 50 will be invoked by the end of March, at which point we should know, at last, what we are working with regarding Brexit.
Majority of Bridging Lenders such as BiG Property Finance have their own funding, unaffected by either the EU referendum or the Bank to England.
There is very little funding for bridging loans to come from the money markets, therefore the base rate cut has not affected the majority of rates, as these are influenced more by the competition in the market.