Cambridge & Counties Bank has announced the promotion of Stephen Parr to the position of head of bridging finance, a move that underscores the bank’s commitment to enhancing its lending capabilities in this sector. With Parr’s extensive experience since joining the bank in 2020, he is expected to lead the bridging finance team effectively, particularly as the demand for quick financing solutions continues to grow among property investors and developers.
TL;DR: Stephen Parr has been appointed head of bridging finance at Cambridge & Counties Bank; this change is significant for landlords and investors seeking rapid funding options for properties up to £5 million.
Who is Stephen Parr?
Stephen Parr has been with Cambridge & Counties Bank since 2020, initially serving as a relationship manager before advancing to senior business development manager in January 2024. His promotion to head of bridging finance reflects his deep understanding of the market and the bank’s strategy to strengthen its position in the bridging finance sector.
What is Bridging Finance?
Bridging finance is a short-term loan option that provides quick access to funds, typically used by property investors and developers. Cambridge & Counties Bank offers up to £5 million per property for commercial, residential, or mixed-use assets, with loan terms extending up to 24 months. This type of financing is particularly beneficial for those needing to secure a property quickly or bridge the gap while awaiting longer-term financing.
What this means for landlords and investors
The appointment of Parr is likely to enhance the bank’s bridging finance offerings, making it a more attractive option for landlords and investors. With the ability to access significant funds quickly, borrowers can act swiftly in competitive property markets. This development could lead to more streamlined processes and improved service for clients looking to finance their property ventures.
Frequently asked questions
What types of properties can I finance with bridging loans?
Bridging loans can be used for commercial, residential, or mixed-use properties, allowing flexibility for various investment strategies.
How long can I borrow through bridging finance?
Bridging finance loans can be taken out for a maximum term of 24 months, providing short-term funding solutions for urgent property needs.