Cambridge & Counties Bank has announced the promotion of Stephen Parr to the position of head of bridging finance. This strategic move is significant as it signals the bank’s commitment to enhancing its bridging finance offerings, which are important for landlords, property investors, and developers seeking quick funding solutions.
Who is Stephen Parr?
Stephen Parr has been with Cambridge & Counties Bank since 2020, initially serving as a relationship manager. He transitioned to the role of senior business development manager in January 2024, where he honed his expertise in the lending sector. With this promotion, Parr is expected to use his experience to enhance the bank’s bridging finance products.
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. It is particularly useful for property investors and landlords who need quick access to funds. At Cambridge & Counties Bank, clients can secure up to £5 million for commercial, residential, or mixed-use properties, with a maximum loan term of 24 months.
What This Means for Property Investors
For landlords and property investors, the appointment of Parr could lead to improved service and potentially more competitive bridging finance options. The ability to access substantial funds quickly can facilitate timely property transactions, which is essential in a fast-paced market. Investors should monitor any new product offerings or changes in lending criteria that may arise under Parr’s leadership.
Frequently Asked Questions
What types of properties can I finance with bridging loans?
You can finance commercial, residential, or mixed-use properties with bridging loans from Cambridge & Counties Bank.
How long can I borrow bridging finance for?
The maximum term for bridging finance at Cambridge & Counties Bank is 24 months.