Cynergy Bank has launched bridging finance, a short-term finance option to support the needs of business owners, entrepreneurs and family
Key product features:
A range of unregulated bridging loans of up to £10m
Expected target market loans between £1m - £5m
Up to 70% LTV inclusive of interest capitalisation and fees
Bridging Loan term up to 11 months
Mark Dearman, head of commercial banking & bridging finance at Cynergy Bank said, “this product provides a funding solution where clients have a timing issue in raising more conventional funding, with a known and proven repayment exit plan.”
“Bridging finance will broaden the Cynergy Bank product set in order to deepen the relationship with existing and new clients by offering an extension product complimentary to the current loan offering,” he continued.
This is the first product launch for Cynergy Bank since they rebranded as they empower business owners, property entrepreneurs and family businesses to manage their business and personal interdependent finances.
Despite market uncertainty, the demand for bridging finance has increased in recent years with volumes reaching c£800m in 2018.
The product will be available for direct applications and through brokers for both new and existing customers and is aimed at UK-based professional landlords and property entrepreneurs.
“Cynergy Bank’s mission is to offer the nation’s medium sized property and family businesses a real alternative,” said Nick Fahy chief executive of Cynergy Bank. “We are investing in technology, and the best people to help us support these businesses and widening out our product offering with services such as bridging finance. Today’s launch is an important milestone for the bank and our growth ambitions.”
For further information on bridging finance please visit Cynergy Bank’s website.