Cambridge & Counties Bank has appointed Stephen Parr as the new head of bridging finance, a role that underscores the bank’s commitment to expanding its lending capabilities. Parr, who has been with the bank since 2020, will be supported by Andrea Calverley, a senior lending officer who joined in March. This leadership change is significant as it positions the bank to enhance its bridging finance offerings, which are important for landlords and investors seeking quick access to funds.
Who is Stephen Parr?
Stephen Parr has been a part of Cambridge & Counties Bank since 2020, starting as a relationship manager before advancing to senior business development manager in January 2024. His experience in the bank positions him well to lead the bridging finance sector, focusing on providing tailored financial solutions to clients.
What is Bridging Finance?
Bridging finance is a short-term loan option that allows borrowers to access funds quickly, typically for property purchases or renovations. At Cambridge & Counties Bank, clients can secure up to £5 million per property for various asset types, including commercial, residential, or mixed-use, with a maximum term of 24 months. This flexibility makes bridging finance an attractive option for landlords and property investors looking to seize opportunities without lengthy delays.
What This Means for Landlords and Investors
The promotion of Parr and the focus on bridging finance signal a proactive approach by Cambridge & Counties Bank to meet the evolving needs of property investors. With the ability to access significant funds quickly, landlords can navigate competitive property markets more effectively. This change may also encourage other lenders to enhance their bridging finance offerings, potentially leading to more competitive rates and terms for borrowers.
Frequently Asked Questions
What types of properties can I finance with bridging loans?
Bridging loans at Cambridge & Counties Bank can be used for commercial, residential, or mixed-use properties.
How quickly can I access funds through bridging finance?
Bridging finance typically allows for rapid access to funds, making it ideal for time-sensitive property transactions.