Conrad Capital raises maximum bridging loan size
By David Craik -
Conrad Capital has increased its large loans allocation to £25million to take advantage of a continued boom in both residential and commercial demand in 2022.
The London based real estate lender, which offers a range of bridging loans, secured against residential and commercial property, said given its access to extensive funding lines it is now able to offer larger loans between £10million and £25million.
That marks an increase from its existing loan range of between £250,000 and £5million.
Managing director John Clifford said both first and second charges were available and that the terms of the loans stretched between 3 and 24 months at variable LTVs.
The group said that smaller loans would be considered on an individual basis with longer terms also available up to 120 months again case by case.
Development projects will be considered if the borrower has a strong track record and a minimum 35% financial commitment to the deal. In addition, planning uplift & development agreement cases will be taken into account.
Clifford recently launched the Conrad Real Estate Lending Fund through which investors, mainly high net worth individuals, can invest in a portfolio of short-term bridging loans, with a minimum investment of £250,000.
Late last year Clifford told BLD that bridging demand and the current property market are buoyant not just in London but around the country.
“After the financial crisis of 2008 property prices plunged by some 30%. People feared the same would happen after Brexit and then Covid, but it just hasn’t happened,” he said.
“For the foreseeable future we see a strong property market.”
Clifford is a 12-year veteran of the Bridging Industry notching up 35 years in total in the property and lending arena.
He set up and still manages Central Bridging, a specialist short term bridging lender launched in 2010.