What borrowers look for in a bridging lender

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According to the Association of Bridging Lenders, the value of bridging loans reached record levels in the last quarter of 2016 with a total of £2.88bn lent. There is fierce competition between lenders and this has resulted in low interest rates and low fees. Faced with a large choice of lenders, borrowers can be understandably choosy about who they borrow from.

Jonathan Sealey, writing in March 2017 on the website MortgageStrategy.co.uk outlined what both borrowers and brokers are looking for in lenders. Low rates are just part of what they require, with speed, flexibility and transparency also valued. When given an initial offer, they expect that the transaction will definitely be completed.

A lender needs to inspire trust by delivering on everything they promise. Many lenders are privately funded and all loan applications can be handled by someone who is authorised to make decisions. This means that an initial loan decision can be made within a matter of hours of an application being received.

Flexibility means that many decision makers are not bound by a strict set of rules and lending criteria. They are able to look at each application individually and make a judgement based on the information the borrower provides.

Brokers expect lenders to be honest and should notify them immediately if they find that the loan will not be completed. Most brokers have a strong relationship with lenders and can source the best bridging loan deals for their clients.

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