Fincorp backs bridging veteran Martyn Smith’s new lender
Fincorp has agreed to provide funding to bridging veteran Martyn Smith’s new bridging lender Bath & West, operating in the South West of England. The deal will see Fincorp provide finance on loans sourced by Smith’s firm and secured on properties in Bath, Bristol and the surrounding areas right up the M4 corridor to London’s outskirts where Smith has a firm base of intermediaries crying out for short-term finance.
Matthew Anderson, director at Fincorp, said:
“This deal provides Fincorp with the chance to extend our geographical coverage and work with Martyn who we know is a property expert in this area.
“We want to be able to offer our investors great opportunities to lend and we have confidence that Martyn has the experience and expertise to find those opportunities.”
Smith has been in the bridging sector since 1983, most recently launching bridgingloans.com, which was the first bridging lender to float on the stock exchange in 2000. He remained managing director at the firm until 2009 before deciding to set up Bath & West – which launched officially in April 2013 – with business partner and finance director Ian Parsons.
Smith, managing director of Bath & West, said:
“My relationship with Fincorp goes back 25 years to when I first met Ronnie Natas, its founding director.
“There’s not much I don’t know about bridging and I know the same is true of Fincorp. I’m pleased we can renew our working relationship and am keen to get started lending in the South West where we know there is a lot of demand for bridging finance.
“We’re confident we can offer competitive rates and will get some good deals done.”
And he said brokers submitting business to Bath & West will be paid competitive commissions for introducing business. The lender is accepting loan applications from mortgage brokers, bridging specialists and packagers from the 1st June 2013.
Smith added: “I have a lot of long standing relationships with brokers and am looking forward to getting business back into full swing.”
The move to extend the area Fincorp will lend in follows on an announcement earlier this month that the lender was boosting its business in Brighton and on the South coast.