The broader bridge population
GalimAI tracks active charges from the recognised UK bridge and short-term lender names: Together Commercial Finance, MT Finance, West One, Kuflink, TAB, Aspen, Ascot, Alternative Bridging Corporation, The Bridging Group, Wellesley, Allica and related firms. Across those names, the active footprint covers roughly 38,000 to 45,000 UK property-holding companies carrying at least one live charge from a bridge lender.
That is the addressable pool. It includes well-run operators using bridge finance as designed (12 to 18 month transition or refurb funding) alongside companies that have rolled bridge facilities past their original term. The interesting commercial population is the second group.
The overdue ladder
| Charge age, no satisfaction recorded | Companies | Interpretation |
|---|---|---|
| > 12 months | 28,000–33,000 | 70 to 75 percent of bridge group. Outer boundary of potential overdue exposure. |
| > 18 months | 19,000–24,000 | Higher probability of being overdue. Meaningfully past typical 12 to 18 month bridge term. |
| > 24 months | 11,000–15,000 | Most acute pressure. Bridge running 2 plus years is almost certainly distressed, restructured, or contested. |
The 11,000 to 15,000 figure at the bottom is the operationally important one. A bridge facility that has been live for 24 months past creation, with no satisfaction date on the Companies House register, is rarely a bridge anymore. It is usually one of three things: a restructured loan being held open while terms are renegotiated, a defaulted facility in dispute, or a quiet workout where the lender is allowing the borrower runway while seeking an exit. All three are commercially actionable for a buyer.
Lender concentration in the overdue group
Within the overdue bridge population, three patterns stand out at the lender level.
Together Commercial Finance is the single largest contributor to the overdue charge pool. This is partly a function of total market share - Together is the largest of the named UK bridge lenders - and partly a function of product mix. Together's book covers a wider range of borrower types, including some that age into overdue status more often.
MT Finance, West One and Kuflink collectively account for a further significant share of the overdue group. These names sit in the mid-market non-standard property lending space and their overdue rates reflect the structural duration of the products they write.
TAB and Aspen show disproportionately high overdue rates relative to their overall market share. The most likely explanation: both names have meaningful concentration in development-exit and refurbishment-bridge products, where project delays are common and the resulting overdue rate is structurally higher than a pure refinance-bridge book.
What an overdue bridge charge actually predicts
For a buyer, an overdue bridge charge is the strongest leading indicator that a property is about to come to market under pressure, short of a Gazette winding-up notice itself. The economics are usually unforgiving once you are 24 months past a bridge that was supposed to be 12: interest is running at non-standard rates, the lender is calling for an exit, and the company has limited refinancing optionality given the bridge stack itself signals that conventional routes have already been tried.
The cleanest outcomes for the seller in that position are: sell the underlying property, repay the bridge, and either continue operating or strike the SPV off. The cleanest outcome for a buyer is to reach the owner directly, in advance of an open marketing process, with a deliverable cash offer.
The interaction with other distress signals
A bridge charge running 24+ months is meaningful on its own. Stacked with other signals it becomes far more so:
- Plus 5+ outstanding charges: a heavily levered company that is rolling bridge debt sits in the most acute refinancing pressure zone. Cross-reference with the 10+ charge tier analysis.
- Plus late accounts filing: administrative disengagement on top of refinancing pressure usually predicts a fast exit. See the signal stacking analysis.
- Plus a Gazette notice: the company is already in or near formal insolvency. The window to reach the owner directly may be narrow. See the 3 to 6 month pre-appointment window analysis.
What it signals for buyers
The 11,000 to 15,000 acutely-overdue bridge companies are GalimAI's single most actionable population for buyers focused on motivated single-property or small-portfolio acquisitions. The base rate of a real transaction emerging from a respectful outreach is materially higher than for the broader UK property-company population, because the underlying refinancing pressure is structural and time-bound rather than abstract.
GalimAI surfaces the bridge-overdue cohort with the underlying property, lender and stacked-signal context attached. Buyers reach the owner directly, before the bridge lender forces an open marketing process.
The honest caveat
An unsatisfied charge on Companies House does not always mean the loan is unpaid. Some lenders are slow to register satisfaction. A 24-month-old bridge charge is a strong signal, but it is not a balance sheet. Treat the 11,000 to 15,000 figure as the addressable acutely-pressured population, not as a ledger of confirmed defaults.
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How many UK property companies are on bridge or short-term finance?
Around 38,000 to 45,000 UK property-holding companies carry at least one active charge from a recognised bridge or short-term lender (Together Commercial Finance, MT Finance, West One, Kuflink, TAB, Aspen, Ascot, Alternative Bridging Corporation, The Bridging Group, Wellesley, Allica and related names).
How many of those bridge charges are materially overdue?
28,000 to 33,000 companies have a bridge charge created more than 12 months ago with no satisfaction date. 19,000 to 24,000 are past 18 months. 11,000 to 15,000 are past 24 months - the most acute refinancing pressure cohort, almost certainly distressed, restructured, or contested.
Which UK bridge lenders show the highest overdue rates?
Together Commercial Finance is the single largest contributor by volume, reflecting market-share leadership. MT Finance, West One and Kuflink collectively account for a further significant share. TAB and Aspen show disproportionately high overdue rates relative to their market share, likely reflecting their concentration in development-exit and refurbishment-bridge products.
Does an unsatisfied bridge charge always mean the loan is unpaid?
No. Some lenders are slow to register satisfaction at Companies House even after repayment. A 24-month-old unsatisfied bridge charge is a strong signal of acute refinancing pressure when stacked with other indicators, but it is not a direct ledger of confirmed defaults.