Arbuthnot Specialist Finance has taken the decision to close to new business and exit the short-term lending market.
In an email to brokers seen by The Intermediary the firm said it had made the decision in the face of current economic issues impacting the UK and due to short-term lending making up such a small part of its business.
It added that all existing commitments to customers would be honoured.
A spokesperson for Arbuthnot said: “In light of the considerable economic headwinds currently facing the UK property market, the board has taken the strategic decision to exit the short-term specialist lending market, which represents a very small part of, and is not seen as core to, the Group’s activities.
“The business will be wound down in an orderly manner and existing commitments to clients will be honoured, including any existing committed development facilities.”
