Cambridge & Counties Bank has appointed Parr as the new head of bridging finance, marking a strategic shift towards a more formal focus on this area. This change is significant as it reflects the bank’s commitment to enhancing its bridging finance offerings, which are important for facilitating timely property transactions.
What does this new role entail?
Parr’s promotion follows his tenure at the bank since 2020, where he progressed from relationship manager to senior business development manager. In his new role, he will lead the bridging finance division, supported by Andrea Calverley, who brings over 25 years of experience in the sector. Calverley joined the bank as a senior lending officer in March, further strengthening the team.
Why is bridging finance important now?
Bridging finance has become increasingly vital in the current property market, where timing can significantly impact transactions. With Parr at the helm, the bank aims to use its experienced staff and common-sense underwriting to provide solutions that keep property deals moving, especially when quick access to funds is necessary.
What this means for borrowers and investors
For landlords, borrowers, and property investors, this strategic focus on bridging finance indicates a more robust support system for urgent financing needs. The bank’s commitment to clear routes to term financing and experienced underwriting could enhance the availability of funds, making it easier for stakeholders to navigate the complexities of property transactions.
Frequently asked questions
What is bridging finance?
Bridging finance is a short-term loan designed to bridge the gap between the purchase of a new property and the sale of an existing one, often used when quick access to funds is needed.
How can I apply for bridging finance?
To apply for bridging finance, you can approach lenders like Cambridge & Counties Bank, providing necessary documentation to demonstrate your financial situation and the purpose of the loan.