Bridging Finance (NW) Ltd has reported a 132% increase in lending volumes for the last quarter, compared with the same period last year.
The Merseyside-based short term lender said the figures, for the third quarter of 2009, reflect an increase in investors acquiring properties at auction as well as businesses turning to bridging loans in the face of a continued squeeze on bank lending.
The lender did not disclose the amount of lending it had done over the particular period. It launched its £20 million Short Term Business Finance fund in April of this year.
Steve Barber, director of Bridging Finance (NW) Ltd, said: “The greatest increase in enquires has come as a result of distressed property sales requiring fast funding. Since January