The Commerce Centre will not be accepting any new enquiries for commercial, bridging or residential secured loans.
The move is permanent and means 28 memebers of staff have been placed into consultation.
Commenting on the decision, Neil Harkin, managing director, said: “I am obviously saddened and disappointed that we have to take this action particularly as the situation is clearly not a reflection on our staff or business model but rather a consequence of the volatility of markets globally. However, the uncertainty that continues to prevail in the UK credit market and the impact that this has had on our lenders’ ability to accept business, puts us in an untenable position. With no end in sight to the credit crisis we cannot continue to trade indefinitely under these circumstances.
“We have of course explored all the alternatives to this decision and it is with regret that we must now effect an orderly wind down of current pipeline business.”
The Commerce Centre was launched in October 2006.
Filed under: Bridging Loans, Commercial Mortgages, Intermediaries, Loans
