Cheval closes doors after 17 years

Cheval was established in 1995 as a principal lender in bridging market and became one of the first bridging members of the Council of Mortgage Lenders, as well as a founding member of the Association of Short Term Lenders.

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.