Cambridge & Counties Bank has announced the promotion of Parr to the newly created position of head of bridging finance. This strategic move reflects the bank’s commitment to enhancing its bridging finance offerings, ensuring that clients benefit from improved access to experienced staff and streamlined processes.
TL;DR: Cambridge & Counties Bank has appointed Parr as head of bridging finance to enhance service delivery; this change aims to improve property transaction efficiency for borrowers and investors.
What does this promotion mean for bridging finance?
Parr’s promotion signifies a renewed focus on bridging finance as a core product for the bank. Since joining in 2020, Parr has progressed from a relationship manager to a senior business development manager, showcasing his expertise in the sector. The bank aims to use this experience to provide clients with effective solutions that facilitate timely property transactions.
Who will support the new head of bridging finance?
Andrea Calverley will support Parr in his new role. Calverley, who joined as a senior lending officer in March, brings over 25 years of experience from various roles in relationship management and business development. Her background includes significant positions at Recognise Bank, Assetz Capital, and Nationwide, which will enhance the bank’s bridging finance capabilities.
What this means for borrowers and investors
For borrowers and investors, this shift indicates a more strategic approach to bridging finance at Cambridge & Counties Bank. The emphasis on common-sense underwriting and direct access to knowledgeable staff aims to facilitate smoother transactions, particularly when timing is critical. This could be particularly beneficial for landlords and investors looking to seize opportunities in a competitive market.
Frequently asked questions
What is bridging finance?
Bridging finance is a short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one. It is often used by investors and landlords to secure quick funding for property transactions.
How can I access bridging finance?
To access bridging finance, borrowers typically need to approach lenders like Cambridge & Counties Bank, providing necessary documentation and details about the property involved. A clear understanding of the terms and conditions is essential for securing a bridging loan.