Managing director Chris Baguley said Bridging Finance's total lending since the city centre company was founded three years ago had now passed £100m. Its current loan book stands at £43m.
Bridging Finance, which is part of the the Jerrold Holdings finance empire, was established with just two staff in March 2006.
It now employs eight people. The firm specialises in providing short-term funding of between £30,000 and £3m to commercial and residential property investors, who account for around 70 per cent of its loan book.
The rest comprises loans to owner-managed businesses and plcs for cashflow, acquisitions, stock purchases and to meet unexpected liabilities such as tax bills.
Corporate clients include printers, manufacturers, retailers, recruitment, engineering and IT firms.
Pre-tax profits rocketed from just over £2m in the 12 months to June 2007 to £3.5m the following year. Mr Baguley said earnings for the year to June 2009 were yet to be finalised but were likely to be above £2.5m.
He said the region's property market was beginning to enjoy a revival as buyers once again look for transactions.
"I'm being presented with some amazing deals as astute property investors are snapping up bargains as a result of the current climate. We're also seeing deals that the banks are turning away due to their more restrictive criteria," he said.
"Twelve months ago, people were sitting and waiting to see when the market bottomed, but now they are doing deals again.
"We've created a strong national brand form our base in Manchester and we're becoming the first port of call for the professional sector whose clients need quick access to funds on a short-term basis."
Current property hotspots include Hale, Mere and Knutsford in Cheshire, Littleborough, Wirral and north Wales, he added.
He said Bridging Finance would continue with its policy of prudent lending and that he was optimistic for the future.
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What we need is more apartments.......
@bigboy, defo, coz if its one thing we've got too much of its real industry, and one thing we lack is apartments. :p
Thousands of unlet/unsold apartments in the northwest is proof that no more should be built. Housing associations are buying them at discounted prices to house people on benefits. So if you are unfortunate enough to be working like a dog to pay for your newly purchased or soon-to-be purchased apartment or other dwelling, rest assured many of your neighbours will be enjoying similar surroundings at little or no cost to them - repairs included if something goes wrong too! Potential Homebuyers! Hang on to your money until the housing market drops further. It will drop further - don't pay any attention to newspaper or other media reports that there has been an upswing - saying it doesn't make it so. The creative financing that has us in this economic downturn was for home prices that were falsely inflated, fueling the irresponsible lending practices to people who should not have qualified for obscenely high mortgages in the first place. Better to spend your money on a night school class which teaches responsible budget management and tricks that bankers and lenders use to fool the unsuspecting public at large, particularly young, uninformed homebuyers. Lending money to developers to erect more apartment blocks, which are NOT suitable for raising a family, should be a punishable crime at this point. Families need space and a place to put out the washing and for the kids to play - none of these things are available in modern apartment dwellings which will be no more than overcrowded slums once the weeds pop through the grimy concrete. Please don't buy into estate agents' and mortgage lenders' promises and be patient. In addition, do not use a third party to negotiate your mortage when the time comes. Borrow directly from the lender and be prepared to negotiate the fees. Don't ever borrow from the lender recommended by the estate agent and always, always, always, offer at least twenty percent less than the asking price of a property, regardless of how much of a bargain you think it is.
Susan
Manchester
Thanks Susan!