Cambridge & Counties Bank has announced the promotion of Stephen Parr to head of bridging finance, a strategic move that aims to enhance its lending capabilities in this sector. This change is significant for landlords and investors seeking flexible financing options, as bridging finance can provide quick access to funds for property purchases or renovations.
TL;DR: Stephen Parr has been appointed head of bridging finance at Cambridge & Counties Bank; this role will improve access to up to £5 million for various property types, benefiting landlords and investors.
Who is Stephen Parr?
Stephen Parr has been with Cambridge & Counties Bank since 2020, initially serving as a relationship manager. His expertise grew as he transitioned to a senior business development manager in January 2024. Parr’s experience positions him well to lead the bridging finance division, supported by Andrea Calverley, who joined the bank in March as a senior lending officer.
What is Bridging Finance?
Bridging finance is a short-term loan option that allows borrowers to access funds quickly, typically for property transactions. Cambridge & Counties Bank offers bridging finance up to £5 million for commercial, residential, or mixed-use assets, with a maximum term of 24 months. This type of financing is particularly beneficial for landlords and investors looking to seize opportunities without the delays often associated with traditional mortgage processes.
What This Means for Landlords and Investors
The appointment of Parr as head of bridging finance is likely to enhance the bank’s offerings in this area, providing landlords and investors with more tailored solutions. With the ability to secure substantial funding quickly, borrowers can act swiftly in competitive property markets. This development is essential for those looking to finance renovations or acquisitions without long waiting periods.
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 for diverse investment opportunities.
How long can I take out a bridging loan for?
Bridging loans at Cambridge & Counties Bank can be taken out for a maximum term of 24 months.