Banks and mainstream lenders not only source of property funds |
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| Monday, 12 May 2008 | |
 Alternative funding sources available UK property investors may be worried about the availability of funds as the banks and mainstream lenders continue their squeeze, but there are plenty of other sources of finance, according to an independent finance broker. There is a vast amount of cash out there if you know where to look from sources such as hedge funds, trusts and even wealthy individuals. The idea of funding 100% of property costs has not disappeared, says London based Galapark Ltd. The news could be cheering for first buyers and those wishing to buy abroad, as an increasing number of first time buyers are now considering buying abroad as prices are cheaper. 'Some property investors may be surprised that flexible finance facilities from sources other than banks and mainstream lenders are readily available,' said a Galapark spokesman. The finger of blame for the credit crunch has been firmly pointed at the banks. 'It is now the view of many analysts that the real cause of the financial squeeze is the fact that the banks have been either greedy, or incompetent, or have allowed themselves to be conned. Now they are hoping they can just sit it out,' the company added. Its latest assessment of the situation in the UK is that the fundamentals of the market are still strong as there is low unemployment, a shortage of housing and low interest rates. This story relates to: [SEE ALL] BOOKMARK THIS PAGE (What is this?) |
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