Bridging Finance Solutions has reported a strong performance during 2020, with revenue up 32% year on year, in spite of the pandemic, and looks ahead to a healthy 2021.
The firm, which remained operational throughout lockdown, has remained on track to achieve targets, adapting its approach to meet the needs of customers through a 100% remote approach.
Steve Barber, Managing Director of Bridging Finance Solutions commented: “It was fortuitous that we had already invested significantly in new technology and so the switch to 100% online was a fairly straight forward one. This meant that there was zero disruption to our clients or our staff who were all fully on board with the online processes.
“Whilst other lenders struggled with resources that saw many staff furloughed, we were able to sustain our turnaround times to support and meet clients timetables and needs. We also saw a new, emerging customer group of higher value deals in the South of the country who couldn’t access funding from other lenders despite being in the plus £1m bracket. For us, every one of our deals counts and requires as much effort to secure a £50,000 bridge or development loan as a £1.5m loan for instance. This has undoubtedly opened new markets for us.”
He continued: “We are of course living in uncertain times however, I anticipate quarter one 2021 to be incredibly busy. Quantitative easing, ultra low interest rates and the introduction of a vaccine will boost confidence and possibly an element of hyperinflation which will inevitably push house prices up and therefore demand.
This will of course be off set against unemployment levels, which remain to be seen.
“We are preparing ourselves for this potential upturn and with a full team in place, the right processes, infrastructure and technology, are ready to deliver. We do operate an incredibly robust and resilient business. We are well established and have experienced similar challenging periods including recession and economic downturn. We believe we will come through this stronger still with a retained focus on delivering a first class service for all customers.”