Short term funder Capital Bridging Finance has submitted its application to become a regulated lender, in the short term funding market, to the Financial Conduct Authority (FCA).
The lender established in 2009 has ambitious plans to broaden its proposition in the next few years and with this in mind one of its priorities is to attain regulated status.
Keith Aldridge, managing director of Capital Bridging, said: “2013 has been a very successful year for the business and we fully intend to build on our excellent performance figures (up 97% on 2012). Being able to accept regulated business has been part of our plans for some time and I am delighted that we have been able to lodge our application with the FCA and are confident that later in the year we will be lending to a broader client base.
“Those who have gone through the process will know how arduous it can be and I have to thank our staff all of whom have contributed to the application. I also need to thank Ray Cohen of compliance consultants Jackson Cohen Associates for the excellent contribution he has made to our submission.
“Adding the experience of Tom Thomas to our management team and moving to larger modern premises has reinforced our commitment to growth and without doubt having regulated permissions will help us fulfil our ambitions. Our broker partners have been asking when we will add regulated business to our portfolio and we are confident that all being well it will not be too long now.”
Ray Cohen added: “I believe that Capital Bridging has put together an application that will see them achieve authorisation from the FCA in due course. It is a fairly lengthy process as the FCA want to ensure that they only allow those lenders in who meet their exacting standards and can demonstrate that they have both the wherewithal and the commitment to operate in a compliant manner.
“Gaining authorisation will benefit Capital Bridging by allowing them to write business they currently have to turn away as well as leaving them well placed for any future changes that may bring more lending into the MCOB regime.”
