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. Parr’s extensive experience at the bank, coupled with support from newly appointed senior lending officer Andrea Calverley, positions the bank to better serve clients seeking bridging finance solutions.
TL;DR: Stephen Parr is now head of bridging finance at Cambridge & Counties Bank; clients can access up to £5 million for various property types, impacting borrowers and investors alike.
Who is Stephen Parr?
Stephen Parr has been with Cambridge & Counties Bank since 2020, starting as a relationship manager before advancing to senior business development manager in January 2024. His promotion to head of bridging finance reflects the bank’s strategy to strengthen its offerings in this growing area of lending.
What is Bridging Finance?
Bridging finance is a short-term loan option that provides quick access to funds, typically used by property investors and landlords. Cambridge & Counties Bank offers clients the ability to secure up to £5 million for commercial, residential, or mixed-use properties, with a maximum loan term of 24 months. This type of finance is particularly useful for those needing to act quickly in property transactions, such as auction purchases or renovations.
What This Means for Borrowers and Investors
The appointment of Parr and the focus on bridging finance is significant for borrowers and property investors. With access to substantial funding, clients can seize opportunities in the property market more effectively. This development may encourage more landlords and investors to consider bridging loans as a viable financing option, especially in competitive markets where speed is essential.
Frequently Asked Questions
What types of properties can be financed through bridging loans?
Bridging loans can be used for commercial, residential, or mixed-use properties, allowing a wide range of investment opportunities.
How quickly can I access funds through bridging finance?
Bridging finance is designed for quick access to funds, often within a matter of days, making it ideal for urgent property transactions.