Precise Mortgages completed on over £16 million of bridging loans in December 2012.
The intermediary only lender revealed its largest loan was for £5.6 million, submitted by Positive Lending which completed just in time for Christmas. the loan was in part to refinance an existing bridging loan on the books of a lender in administration and to refurbish the substantial property in prime central London as well as taking out a first charge held by a high street lender.
“2012 was our first full year in the bridging market and we are very happy with the quality of the loans we have originated,” said Alan Cleary, managing director of Precise Mortgages.
“From a service perspective we ended the year much better than we started and the feedback and rising business volumes is testament to that. We have allocated a significant uplift in funds to Bridging in 2013 and expect to continue in the way we finished 2012.”
Paul McGonigle, managing director of Positive Lending, added: “December was the best month on record for us. This was a result of a dedicated introducer base and a team that understand client needs and delivering client expectations. This can only be achieved if you understand the strength of your lending partners and it comes as no surprise that our strong performance mirrors the growth of Precise Mortgages.
“Indeed, we wrote more cases in December exceeding £1 million with Precise as we trust their team to support our principles of service deliverance and treating customers fairly.
“I am sure that 2013 will be a rapid expansion for Precise Mortgages and we look forward to helping them achieve this.”
