There has been a very large level of enquiries in relation to the unlimited adverse product. Director Shoaib Bux said, ”The market has been crying out for a product of this type and Unlimited Adverse has been received with over-whelming demand”

Mayfair Bridging have launched an unlimited adverse credit product in the market, aimed at borrowers who are heavily behind on their payments. The bridging loan provides them with a lifeline to put their finances back in order. Maximum loan to value on the product is 50% OMV.

Mayfair Bridging will be launching a new product soon that will help clients with adverse credit. Watch this space!!

At Mayfair we accept all manors of adverse credit. We are not limited to a set criteria like most of our competitors. We are happy to look at each deal on its merits irrespective of the client’s ability to prove income or their credit profile. Even when there isn’t a clear indication of an exit route, Mayfair will still be happy to look at the deal.

There has a lot of news recently of bridging lenders withdrawing from deals at the last minute or lenders going into administration. At Mayfair Bridging we are committed to the intermediary market. We are well funded with healthy credit lines and a very strong loan book. Due to our quality of underwriting and straightforward approach we have remianed successful in the market and retained our top tier position as a well respected bridging lender. During 2010 we have increased our appetite to lend and are still lending to commercial property.

There has been a reported increase of using bridging finance to break away from a chain deal. Many clients put an offer in a property based on their house selling. In some cases their is substantial equity in the house, but in a market that it no liquid, it can therefore take some time to sell their house. Mayfair Bridging can offer to raise the money they require on their existing house enabling clients to purchase the house of their dreams.

Due to the demand for the 1% rate, Mayfair Bridging are now offering this competitive rate on the majority of deals irrespective of the LTV.

Mayfair Bridging has seen an improved quality in the enquiries it received. Bux said,” I think brokers and clients alike now understand the lack of viable exit routes especially on commercial property lending.”

Mayfair Bridging has applied to the FSA to become regulated which would enable the lender to give loans to owner occupied property. Shoaib Bux said,”Our recent months we have seen a large shift towards clients wanting bridging loans on owner-occupied property. These deals usually have a low ltv and we aim to capture this part of the market. FSA regulation also enables us to continue trading should buy-to-let lending becomes a regulated activity.”

Mayfair Bridging’s 1% per month rate has been met with considerable demand. Shoaib Bux said, ”Although we are taking a cautious view to underwriting, low ltvs deals are being rewarded with lower rates. This ensures we get the right quality of business and it strengthens our loan book.”