No more lending for Base Commercial Mortgages

Base Commercial Mortgages have decided to suspend new lending on a temporary basis, but they have said that they will still honor all of their outstanding offers.

The mortgage lender, who has only been in business less than a year, has said that the current market conditions have driven up the cost of funding to such a high rate, which is now not possible to originate loans.

With this factor in mind, Base Commercial Mortgages has deiced to temporarily suspend new lending.

Base Commercial seemed doomed from the start even though they managed to build up a small business. Base started out in the midst of the whole Northern Rock saga, this was when the credit crisis started in the UK.

Base has made a statement saying that they still have continued support of its investor, they will still continue to work together to source lower cost funding, and they then hope to be able to resume lending quickly.

Source