Cheval closes doors after 17 years
After 17 years in the short term finance market, Cheval Bridging Finance has announced closing its doors.
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It appears that that this announcement comes following Cheval's inability to secure further funding from its existing principal source, Clydesdale Bank.
The retraction of lending came after National Australia Bank (parent company of Clydesdale Bank) took control of Clydesdales’s commercial real estate portfolio when elements of toxic assets forced the firm to restructure its balance sheet.
Cheval is thought to have made a number of redundancies already, including some of its business development managers, and will not be taking any new enquiries as of this week.
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