Masthaven was delighted to win the Business Moneyfacts award for Best Service from a Bridging Finance Provider at their recent awards event for the second time in three years. But, what I want to focus on in this piece is why I think we won it and why Masthaven keep on winning the awards!

Since I have been at Masthaven, for the past five years, the firm has won no fewer than nine industry awards, with five of them being for service excellence or the equivalent. I often get asked by lender and broker alike how do we win them and how do we consistently perform so well at these events, even though we do little or no advertising with the company’s presenting the awards.

I guess it all starts with the team behind the name. From Andrew Bloom and I as directors of the company, all the way through the whole team of BDM’s, underwriters, assistant underwriters, compliance, finance and accounts teams, we all have the same ethos. Every day we all turn up for work, we are always trying our absolute best to get “the deal” over the line. Whether that be from the advertising or marketing we do that highlights our products and services, through to issuing terms quickly, efficiently and accurately, through to simply calling clients and introducers back when we say we are going to.

We have a saying in the office that the ball should never be in our court. That is not code for fobbing people off with excuses, but a serious mindset that means we will not be happy until we have done everything we can “our end” on that particular case. With this mindset it does mean that we all work a few extra hours in the week as the team is often sending emails and making calls before 8am and well after 7pm.

It doesn’t end there though. Once the case completes, you would suspect most lenders breathe a sigh of relief and look for the next one. Sure, we are always on the lookout for the next completion but we do not let the loan we have just completed on sit there until redemption. We actively manage that loan from day one until it repays. We’re always in contact with the client so that we are managing their expectations and there are no nasty surprises a few months in to deals.

It is testament to the underwriters, their assistants and the collections team that we often get complimentary emails and cards expressing clients’ thanks and satisfaction with the service they have received from us. We all know it’s very easy to complain, but not many people take the time out to give praise and thanks… It means a lot to us.

There are those that argue that service does not matter in bridging finance, it is all about getting funds to the client in a time efficient manner. This is of course true to a certain extent, as that is why people mainly use bridging, butat Masthaven we really do pride ourselves on doing the best possible job we can every day to everyone we are in contact with. It is something we are proud of, care about and are passionate about maintaining.

There has been a lot of talk recently about valuations and how it is becoming increasingly common to have a down valuation of a property which leads to a case being kicked out. Whilst a down valuation may sometimes lead to Masthaven having to decline a case we try all angles we can to avoid this toget the deal done.

One case I have been working on recently involves a development project, notoriously difficult to put a figure on. The owner of the property agreed to buy a site consisting of three dilapidated barns some time ago and exchanged on the purchase. He had an agreement with the vendor that he was able to get access between exchange and completion to carry out renovation works. He funded the purchase and part of the works with the proceeds from the sale of another development project but has run short and requires the bridge to complete works prior to sale.

He informed his broker that the current estimated value of the site was £1.2 million. When the case arrived on my desk and I had reviewed the background to the transaction this figure seemed very high and more likely to be the end value. The valuer was instructed to value the property and advised the current value was £585,000 with the value on completion being £1.05 million. This was significantly lower than the estimate and could have had a negative impact on the case.

During discussions with the valuer it became apparent that the initial estimate was indeed more a reflection of the end value, although after reviewing recent sales he felt quite toppy. The valuer was very complimentary about the site, its location and the works that the owner was carrying out. This positive summary gave a lot of comfort in the project and persuaded Masthaven’s credit team to give the loan its approval and make it work. It was agreed to lend the funds over a number of drawdowns enabling the client to borrow the amount he required and in fact due to an increase in term, the loan amount was increased, rather than being decreased!

Another recent case I have worked on involves a flat in North London which our borrower owns and has fully renovated prior to sale. We are funding the purchase of the upstairs flat until the ground floor flat sells. When contacting valuers to arrange the inspection the feedback we were given was that the estimate was very high and not likely to be achieved. The added complication was the property had a very short lease which would also cause a reduction in value. The borrower owns the freehold and is intending to extend the lease so, in order not to impact on value or loan amount, it was agreed that the lease extension would complete simultaneously with Masthaven’s loan.

Even with this confirmation, the valuer, who is based locally and knows the area very well, still had reservations that the estimated value was achievable.

The report came in with glowing comments regarding the condition and with the value at the estimate. During my conversation with him he revealed that he had been sceptical about the figure but after having inspected the property it became apparent to him that as the finish of the property was very high end and unlike any other property in the area, it more than justified the higher figure.

In every case Masthaven’s underwriters will speak to the valuer following receipt of the report and will query if there is a difference between the estimated value and the figure on the report. If the borrower has evidence of a higher figure this is always provided to the valuer and discussed. Whilst a lot of valuers do not change their valuation, I have recollection of a few who have revisited their figures and increased them based on the further evidence provided.

We have a panel of valuers across the country which we use and this panel is constantly being reviewed with firms being removed and new ones added. If we start to see a pattern of down valuations from one particular valuer with no justification, this may lead to them being removed from the panel. Similarly if the turnaround time is not quick enough they may come off the panel. A quick turnaround time in bridging can make all the difference between a loan completing and not.

We also have a variety of valuers which specialise in different types of property – be it resi, commercial or development – and when choosing who to instruct, all these factors are taken in to account.

It is no secret that valuers are cautious when valuing a property, especially for a bridging lender, but we try to build a good relationship with those on our panel and do all we can to ensure the valuations we receive are accurate and justified. We also try very hard to make a deal work even if the valuation does not come back as hoped.

It is always nice to have a pipeline which consists of a variety of different type loans with each borrower’s circumstance differing to the next. Obviously it is easier to work on the more vanilla cases that are straightforward to complete and that don’t incur hiccups along the way, but in reality this rarely is the case here at Masthaven! More often than not we are confronted with situations that are both challenging and time consuming, but these are the loans that provide the most satisfaction when successful completion occurs, especially in tight timeframes.

I have been at Masthaven for just over 18 months now and my time here has definitely strengthened my knowledge of the bridging loan market and Masthaven’s drive to deliver over and above the call of duty, which has seen me complete a number of challenging loans.

One in particular that stands out in my mind (having only completed a short while ago) was not the biggest loan, being only £75,000, but nevertheless one that created the most amount of paperwork in order to meet the various changes that occurred along the way.

So here it is…

Our borrowers approached us in February explaining that they hadexchanged conditional contracts on an ex-club premises,with completion taking place once they converted the property into offices for their own company’s occupation. They set up a new LLP solely for the purchase. They further explained that they hadoverspent on the works and required the funds from Masthaven pending completion of the purchase and repayment of the loan.

They were offering a third party second charge over their main residence as security. Therefore, Masthaven agreed to lend to the LLP subject to all four shareholders providing PG’s with a third party charge over the property from the two shareholders who owned it.

Solicitors were instructed on this basis.However, it soon became apparent that the clients’ solicitor wasinsisting on charging the clients with an extortionate fee in order to provide each party with the necessary independent legal advice.

Trying to accommodate the clients’ requirements but also ensuring that CCA exemption regulations were met, the case was reassessed and agreed on the basis that we would lend to the owners of the security eliminating the need for four PG’s and a debenture over the company. It was agreed on this basis due to the broker being extremely efficient in supplying firm evidence that the loan would be used for business purposes.

Legals were reissued and everyone seemed happy that we were on the right track.

Until…we received confirmation that the security address fell across two title numbers and the second title was free from encumbrance. This then questioned whether or not the loanshould now beFSA regulated.

Having referred the titles to the valuer, he confirmed that the security address occupied more than 40 per cent of the overall unencumbered title, hence making the loan FSA regulated.

So third time lucky…the third set of legal documentation was issued to the solicitor reflecting an FSA regulated loan.

With a great deal of hard work from all parties we managed to satisfy ourselves with the legal due diligence, the FSA requirements and a viable exit route in order tosatisfactorily conclude the matter with a completion less than a week later!!

Lizzie Strong

I am now coming to the end of my second month with Masthaven and therefore  Iam no longer considered ‘the new boy’ and am fair game’ to be the brunt of jokes!A clear sign I am fitting in well.   Alas Richard Deacon was not blessed with the ‘humour gene’ but nobody bothered to tell him.

Easter month was interesting, asever, and  you have the inevitable comment of “aren’t the evenings getting lighter” and for two weeks the roads are quieter whilst the children are off school. Along with the former it is also the start of the ‘House Buying Season’!

As you would expect there has been an increase in the number of enquiries for applicants wishing to purchase property.  As a regulated lender we are perfectly positioned to assist and couple this to Masthaven’s ‘award winning service’, I will come back to this shortly, and you really do have the perfect winning combination. There have been many other interesting cases this month, from the ‘multi security development deal’ to the ‘multimillion pound B&B’ and everything in between.  From a BDM’s perspective there is nothing more satisfying than knowing your introducers consider you for every type of enquiry.

I have seen a sharp increase in enquiries across the area and I am delighted that every day I am being contact by new introducers wanting to see me. It is really important to me that all my introducers call me with EVERY enquiry; even the ones they don’t think will fit Masthaven.  On numerous occasions we have approved cases which initially do not appear to fit criteria. Due to the level of experience throughout the entire team, and the flexibility within underwriting this allows Masthavento make ‘sensible lending decisions’, I have been able to approve cases on Standard Terms which have given the introducer the competitive edge to win the deal.

It has been encouraging to meet with introducers new to bridging. As an experienced BDM it is an area you know you can be invaluable to your introducer. You find yourself very quickly ‘advising the advisor’ on everything from marketing to packaging to spotting a potential deal. Even though every meeting with a new introducer is different one thing remains constant, their enthusiasm for bridging when you finish your meeting. I believe bridging strengthens the portfolio of products offered by an advisor, and it can really give them a winning edge over competitors.

So back to ‘another trophy’ for Masthaven’s already full trophy cabinet. On an extremely cold and wet evening onMarch 21^st in London, we headed off to a smart West End hotel for an evening hosted by Moneyfacts. Award ceremonies are great fun and an opportunity to fill a room with the ‘Glitterati of Bridging!’Matt Dawson of English rugby, Strictly Come Dancing and A Question of Sport hosted the evening. As we progressed through many different categories (emphasis on many), we finally arrived at what many would consider the most prestigious award, ‘Best Service by a Bridging Lender’. We sat nervously as the nominees were announced. Finally we heard our name again and our logo appeared on the screen… we’d won another award for service.  Our table became ‘multi-award’ winners when our friends The Junipers of ‘Only Bridging’ won the award for ‘Best Packager’.

In summary, it’s been a great monthandkeep calling me with your new enquiries and let’s hope for a bit of sunshine in May!

The second charge sits 2^nd in priority to the first charge mortgage on a residential property and the amounts raised are typically at a lower LTV than that of the first charge due to the perceived increase in risk.

The uses of a second charge bridging loan, like their first charge brothers are endless. Typically though they are used by individuals on their main residence for investment into their business where they need to create liquidity quickly and often cannot get an extension to their mortgage in the timeframes allowed.

The investment bridge:

Masthaven recently completed a second charge bridge to a client who needed to invest money into his furniture business. He was a buyer and seller of Indian wooden furniture and, through contacts in the far east, found himself a supplier of Indian Rosewood furniture. Like many deals, the more he bought, the cheaper he got the goods at, and he wanted to buy large quantities of stock for the growing UK market.

The trouble was, the supplier was playing hard ball, and although he had used him before many times, the Indian supplier was having a cash flow problem himself and want a cash payment up front for this large quantity of furniture. Not wanting to lose “the bargain of a lifetime”, our client sought a second charge bridging loan on his main residence to purchase the goods, with the exit route being the profit from the sale of the furniture.

Our client took a 9 month facility, choosing to have the interest deducted from the advance. The furniture transaction was completed smoothly, he sold the furniture in a very short timeframe and actually paid the bridging loan back within 6 months, and of course Masthaven refunded the unused interest back to him.

The 100% bridge:

Many property investors use bridging finance for auction purchases because it is quick. On the day of auction, the winning bidder usually puts 10% down on the day and has another 28 days to find the other 90% of the purchase price. Where bridging can come into play is where the auction purchase is unmortgageable. This maybe due to the property being a repossession and not in the best of conditions with a high street mortgage company looking to put 100% retention on it because of the state of the property.

How bridging has worked for Masthaven in this instance is that we will lend a certain LTV on the subject property dependent on what condition it is in, and then raise the shortfall, and in some circumstances the refurbishment costs as well, as a second charge on the clients main residence. This enables the client to effectively obtain 100% of purchase price on the purchase property and get refurbishment costs without using any of his own liquid funds.

Bridging finance is all about what the deal costs. Is it worth it, what would you do without it and can you still obtain reasonable profit when using it.

Clients of Masthaven have used short term lending secured as a second charge on residential property for over 30 years for a wide variety of projects. When used correctly, and all costs of the deal are known, it can often be a valuable way of creating short term liquidity out of an illiquid asset.

Its been an extremely busy couple of weeks.  My career with Masthaven began on a cold morning in London on 25^th February.  There is always a sense of apprehension  when you join a new company and enter Head Office for the first time, probably similar to the feeling when starting a new school as a child!  Alas the later was a long time ago!  Richard Deacon, Sales Director took I upon himself to be  my ‘new best friend’, showed me around and introduced me to everyone.   3 introductions into the new process of meeting everyone I was beginning to struggle with remembering the names.  5 introductions in, and it was hopeless!  My first impression was ‘an office full of fantastic characters’, it was at this point I knew I was going to fit in.

Time was spent with each department over the forthcoming days, from Finance to Collection to Underwriting.  This gave me a fantastic opportunity to get to know everyone on a one to one basis as I was spending time with each individual.  When you are based on the road it is absolutely vital to have strong relationships with the office based team, especially the Underwriter and Assistant Underwriters.  From experience I know how many conversations start with ‘I need a favour!’.  They say ‘it’s the small things that count’ so when I received an email titled ‘Neils welcome drinks’ I was genuinely touched.  This emotion turned to delight at the response from Andrew Bloom which was ‘I will buy the first few rounds!’.  It always beneficial meeting you colleagues in a social environment and a good evening was had by all.

As you will no doubt be aware, hiring individuals like myself are always accompanied by a Press Release.  We decided to hold back on releasing this until my second week.  This would give me an opportunity learn the products and gain confidence in Masthavens proposition.  Bridging and Commercial announced my appointments as an ‘Exclusive’ and my phone immediately rang and hasn’t stopped since.

Ultimately my value to the company is being out and about generate business, so week 2 I moved from the office and into the car.  Richard Deacon and I spent the first few days together in my area meeting brokers and packagers.  I already know most of the introducers so it was a good opportunity to catch up on industry news and the odd bit of industry gossip!

One of the great strengths of Masthaven is their ability to fund not only ‘vanilla’ loans but also more complicated loans.  Whether it be an FSA regulated, 2^nd Charge,  Development or Commercial Loan.  Masthaven will consider all enquiries and I have spent a lot of time talking through enquiries with the Head of Credit over the last few days.  Armed with pages of notes I pitch each enquiry as if it were my last, and I am reassured that where a deal can be done, even non standard deals, an Agreement in Principle is issued.

Now 3 weeks into the role I feel like a ‘fully fledged’ member of the Masthaven team.  My phone is still ringing, my diary is full and I am very much looking forward to my new role.

For all cases Masthaven ensures that the valuer who visits the property is sent a copy of the title plan and that he confirms that he has valued the area within the red boundary only. In the majority of cases this does not highlight any issues but in some, it does. It may seem like an obvious thing and not worth checking but the last thing we want is to take a charge over the wrong property or to have a charge over only part of what we thought we had.

One case I’ve worked on this month involves two purchases, one of a property and the other of land in a separate location. When the case first came in we were given the address of the property being purchased together with the address of the land. We obtained copies of the title deeds from Land Registry and the legal documents were drafted in relation to them.

The valuer inspected the property being purchased and noted that the garden area seemed to extend beyond the boundaries shown on our plan. After seeking confirmation from the borrowers solicitor we discovered that the property being purchased fell over three separate deeds, one for the house and part of the garden, and the other two the remainder of the garden. Had we not had this check in place we could have completed and only had a charge on the house and part of the garden. If we had to repossess the property it would be very hard to sell without the entire garden area.

One of the title deeds for the garden was owned by the vendor title possessory only. As I pointed out last month, this isn’t usually a type of title we accept, however in this case due to it being a small area of garden only and the borrower taking out an indemnity policy to cover Masthaven if any claims were made against the ownership, we were happy to proceed.

In a similar way to the property, the land being purchased was split into two titles and unusually there were two contracts, one for each title. In this instance we didn’t have a valuation so couldn’t rely on the valuer to confirm the area valued. It was noticed that the contract for the land purchase had a price of £65k on it whereas during the conversations with the broker and borrower I had been informed the purchase price was £130k. After querying this with the solicitors the second contract and related deed was produced and the legal documents amended accordingly. Again, this check proved vital in ensuring we had the security we thought we did.

Another case I have been working on for some time now has an issue with title plans. The property was purchased in early 2012 by our borrower and comprises of a main house and two barns. The borrower carried out conversion works to the barns and sold them and had refurbished the existing house. It was the house alone that was being offered as security with the funds being needed to clear off the current mortgage which had reached the end of its term. The property was on the market for sale but had not yet sold, hence the need for the bridge.

The valuer inspected the property and the title plan and confirmed that whilst the area he valued was on the plan, it also included the two barn conversions which had been sold off and were no longer owned by our borrower. It appeared that the barns, although they were sold several months previously, had not been split from the existing title. After investigating further we discovered that the Land Registry had received applications to register but that there were various queries with regard to the plans and they had not been resolved so the registration had not taken place. Whilst this is the opposite problem to that highlighted above in that in this case the title comprised more than what we had valued, it still creates a problem.

The fact that the plans had not been updated highlighted that there is an issue with what had been presented. Whilst we can obtain from the valuer a plan showing what he had valued, if the plans previously submitted to Land Registry differ in the boundaries, and the issues are resolved and registered then we may end up with a different area than we thought we had. We could then find ourselves having to take action against the valuer, solicitor and others involved and bearing in mind that the barns were sold prior to Masthavens loan, we would be in the weaker position.

The latest update on this case is that the Land Registry have sent a surveyor out to site to inspect the boundaries and the borrower is hopeful that in the next week the plans will be updated. Frustratingly in this time he has found a buyer for the house and may no longer require the bridge. Despite the fact that this case may not complete, it is useful as a learning tool and highlights another reason why borrowers and brokers should check the deeds to the property to ensure they are correct. The earlier they are aware of an issue the earlier it can be dealt with.

A colleague of mine has been working on a case where the borrower took out another loan several years ago and repaid it a few months later. During the processing of our loan we discovered that the charge had never been removed from the deeds despite the loan having been repaid. The borrower is having to instruct specialist solicitors to deal with this matter as the lender in question is stating that the loan has not been repaid correctly and therefore they are not allowing the charge to be removed. Had this been followed up post redemption it could have been resolved.

In other news, as I mentioned last month I was baking a dinosaur! It turned out very successfully and I am told that it went down well and didn’t last for long with people going back for seconds and even thirds. That’s about as good a review as I can get so I’m pleased with that. My next request is for a motorbike cake for a friends birthday. I think that might prove a bit more tricky!!

Anyway, I have an interesting varied selection of cases currently on the go but the one I have decided to focus on, is a development deal.

I won’t lie, the case originally landed on my desk back in January, so it’s taking longer to process than the average bridge but to say it’s not a straightforward one, is an understatement!

Here is a flavour…..

It’s a three party family deal whereby mother, father & son obtained planning permission to knock down their family home and reconstruct three commercial units, five flats and a four bedroom house all on the same title within one large building.

Their existing newsagent business will be run from one of the commercial units and they will live in the four bed house, whilst renting out the two remaining commercial units and all five flats.

The son has recently set up his own business and he is obtaining the finance in his Limited Company name. His parents are acting as PGs and they have elected to service our loan monthly.

Our exit is via the sale of two of the parents existing BTL properties.

The valuation was instructed and when received it was evident that something was up, as the plans now extended over into the neighbouring property

After a bit of digging, it transpired that the applicant also owned the neighbouring property and had decided to use a bit of that land for the adjacent development site but there was already an existing first charge….

To cut a long story short, upon completion Masthaven will hold first charge over the freehold of the main property plus the leasehold of the newly created 100 year lease in the name of the sons business. In addition, we will hold first charge over the freehold interest of the neighbouring property as we have agreed to increase our loan amount to provide sufficient funds to clear the existing mortgage.

Just to add further complication to this deal, I decided to put a call in to the council just to check that they were happy with the development to date. I was advised that they had concerns as the overall height of the eaves was greater than what had been approved.

I spoke with the broker who in turn made contact with the Architect who seemed confident that the required changed could be undertaken with minimal expense although the council made it clear to me that they would have to re-submit planning for consideration which could take up to 8 weeks!

Obviously the above is a concern and further contact with the council will be made before we are happy to go ahead. The creation of the new leases in the company name, the transfer from the Dad to the company name for the neighboring property, together with the planning issues have all contributed to the lengthy delays on this case.

The deal still remains ongoing and I believe this will be the case for a further few weeks yet!

It is always frustrating when a loan that appears straight forward turns in to anything but and drags on. Hopefully a positive end result in the coming weeks will make it worthwhile for all parties involved.

Masthaven gets multiple calls every day for this type of deal, each of them different but needing short term finance that cannot be obtained from normal high street sources. There are many wide-ranging and varied requests, some of which I would like to present to you and explore how we have assisted the client in their request.

The most usual enquiry we get is a client wishing to purchase a run-down property and add value to it through a refurbishment. Typically bought at auction, these properties are not mortgageable by high street lenders as they are deemed uninhabitable, often due to the fact that they do not contain a working kitchen and/or bathroom. Our client will use the bridge to purchase the property and then spend a usually pre-determined amount on updating and modernising the property to achieve best market rent, eventually getting a BTL refinance or selling the property on for a profit.

With slightly more work involved, but still creating vast numbers of enquiries, is the conversion bridge request. This is used when a client wishes to convert a single residential dwelling into flats. Planning is required to do this, of course, but once it is in place Masthaven is happy to lend against the purchase of the dwelling to be converted and, in certain circumstances, to help towards refurbishment costs as well.

No two bridging deals are the same and this is especially true with renovation and refurbishment deals. There are a few golden rules to help to process your enquiry quickly and efficiently:

1. Client’s experience – Has the client had experience of doing a refurbishment in the past and, if so, how did it work out? Was it on a similar scale to the current proposal, was it in the same location, what were the financials like then and are they similar now? If any of these differ from what he has done before, questions must be asked as to why they are different: what has made him choose this sort of project this time, has he done his due diligence into the project or looked at comparable undertakings, etc. Whenever an introducer says the client has got experience that is a great start, but how experienced are they really?
2. Financials – Do the numbers stack up? In the olden days for development, the old third, third, third rule was a reasonable way of estimating an average acquisition cost, spend and profit on a deal. Though this equation doesn’t really stack up these days, as geographical location and build costs differ markedly from deal to deal and deals should be considered on their own merits, especially if the property/site is owned unencumbered and the client is building/refurbishing to be lived in.
3. Location, location, location – A typical deal we have been very successful with recently is the conversion of an old doctors’ surgery or dentist back into a single residential dwelling. The property was originally a house in a normal residential street but years ago was given the relevant licences to trade as a medical practice. The current incumbent retired, however, and a sharp-eyed investor saw a business opportunity. On this type of deal we can even take a longer term view of the planning conditions, as it is plain to see that most councils will be happy to grant the relevant permissions to create more housing in an already residential area.

Refurbishment deals and renovation projects, along with minor developments, are an area that is very much on an upward curve at present, and with a paucity of high street options available to your clients, bridging finance is really a good option worth exploring.

We work in an open-plan office environment at Masthaven and I enjoy being part of the buzz and excitement. I have seen first-hand how thorough the underwriting process is even when considering the fast moving nature of bridging, where a quick turnaround on decisions is vital. The borrower’s exit strategy is also key: if this is unrealistic (no buyer lined up, no prospect of refinancing), bridging is extremely risky and should be avoided at all costs. I am proud to be part of a team where responsible lending is paramount. If a bridging loan is not the right option for a potential borrower, it will be declined. Yes, this may affect targets, but it protects the potential borrower from danger and ultimately reduces our own exposure to risk.

For many people, the phrase “bridging finance” has the following connotations:  “last chance saloon”, “risky” and “expensive”. It is true that for some, a bridge can quickly turn into a burden.

However, bridging loans are often misunderstood and many people are unaware of how valuable bridging funding can be. I view bridging as a flexible finance solution: it is great for chain-breaking, where home movers are keen to do whatever they can to prevent their deal from falling through. Bridging also works for property purchases when a standard mortgage is unobtainable, perhaps because major work is required to make the property “habitable”. It is the ideal solution for those who are snapping up cheap properties at auction and need to sort out their finance quickly. As long as the borrower has a realistic exit strategy, a bridge is low-risk.

According to figures from the Council of Mortgage Lenders, there will be a 36 per cent growth in the bridging loan industry in 2013. This is about four times faster than in conventional lending, meaning that the bridging loan industry is set to grow immensely in the near future while individuals and even companies are desperately looking for extra funding sources. This has been evident to me with clients over the last few years when I was still in practice. Bridging loans could become a borrower’s top choice; imagine that.