With so many bridging finance lenders competing for business, the ones that are successful will satisfy three conditions that brokers and lenders require.
1. Accessibility
Many lenders use technology to help submit loan application documents. This can speed up the application process but sometimes a question or query needs to be discussed with a person over the telephone or face to face. The broker arranging a bridging loan needs a lender who is accessible, and whose key personnel are easily contacted.
2. Transparent
There are lenders who overpromise, who appear to offer very low interest rates but then fail to deliver, or raise interest rates before the deal has been completed. Interest rates are flexible for bridging finance and depend on the risk assessment for a loan. Any interest rates quoted on an initial loan application should not vary significantly from the final loan rate after the loan has been assessed and considered in detail.
3. Speed
Often, businesses and individuals require bridging finance quickly, as deals can be time-sensitive. Borrowers need a lender that can move from an initial loan offer to funds being available in a short time. If a completion date for the loan is quoted, then this should be reliable.
A bridging loan broker develops relationships with a large number of lenders. They will act in their clients’ best interest by using lenders they know are accessible, transparent and provide a quick service if speed is important.
