Big banks are turning to short-term lenders whilst they structure out longer solutions for their key clients, according to Chris Baguley, managing director of Manchester-based Bridging Finance.
Baguley said: "We often refer clients to banks when they need to refinance from one of our short-term loans, and we have always had a strong reciprocal relationship with the banking sector, effecting short-term facilities for a large number of clients in recent years.
"Most banks are now having to undertake greater due diligence before agreeing any changes to an account that a client requires. Their solution is to introduce the client to a short-term lender like us, who can provide an interim facility in the form of a short-term loan. The client gets the funds they require, the bank has time to put resources in place, and the relationship between bank and customer is preserved.
Bridging Finance is part of the Jerrold Holdings financial services group.