Bridging completing even quicker
2015 has seen a significant decrease in the completion time for bridging loans which is great news for the industry on the whole. Confidence is growing rapidly in this type of lending as the general public see the benefits it has to offer.
Any reduction in time to complete a deal is good news for the borrower, we can confirm our records show that to date this year a 21% reduction has been achieved. The great thing is the lenders we use are still looking for ways to reduce the time even more, this just goes to show how serious they are about this business.
This year has seen a massive increase in the bridging market as more borrowers look to secure faster financing for their upcoming projects. Traditional high street lenders still are lacking the ability to compete with bridging finance for speed and efficiency.
Bridging options are expanding
As more people use bridging so the uses increase, over the last 2 years we have seen some very strange uses indeed. This unique type of lending is most certainly far more flexible than the majority of loans and mortgages out there in the market.
All this spells good news for the borrower as the product choice and options expand plus the costs are reducing. With so many big changes taking place on a rapid scale it is without doubt best advice to seek help before you make any decisions regarding your future financing. This course of action now could well save you or your company thousands of pounds in the future.
Can we help?
If you require some assistance with your future financing please call one of our experienced advisers, we are here to help.
Fastest Bridging Increasing
Due to the rapid growth of bridging finance over the last 12 months Fastest Bridging are to increase their advisory staff to cope with the demand. Over the last year bridging finance has grown month on month and looks very much like continuing in this vein.
Fastest Bridging’s operations director said “the last 12 months has seen record lending completed in record time”. “We feel this trend is to continue and have therefore increased our staff to meet the ever growing demand”. “Lending companies have without doubt decreased the red tape and time taken to complete a deal”. “This is of course great news for the borrower and good news travels fast”. “I am certain the reason for bridging’s rapid growth is down to the speed of completion and the reduction in overall costs”.
Great news indeed for the industry, all this follows the general mood within this lending sector and looks set to continue for the foreseeable future.
How long does it take?
Investors are always looking for a quick solution to financing a property deal as this can help towards negotiating a better price. Being able to complete the purchase quickly is always an attractive proposition for the seller and could help reduce the asking price.
Bridging finance is normally more expensive than going down the conventional route but investors have been achieving huge discounts by being able to complete rapidly. So consequently the extra costs involved are very easily offset by the negotiated lower price.
The average loan from start to finish can be completed within 10 days and on many occasions even quicker, this can vary due to the complexity of the case.
Need advice?
If you require assistance with your next project and you feel bridging could help please do call one of our experienced advisers and we will be happy to help.
Self-employed and bridging finance
This ever increasing sector of the UK workforce is probably the most in need of specialist financing. The majority of high-street banks are just not interested in lending to the self-employed as they class them as high risk.
This also applies to not only the self-employed but pretty much any working person in non-standard employment. Regular lenders seem to class this category of the work force as “too difficult” thus the need for specialist lenders.
Bridging finance is ideal for this category of client as income checks are not required and therefore no need to produce previous year’s accounts.
This financial year has seen bridging finance surge forward as banks continue to labour over specialist funding. Here at Fastest Bridging self-employed lending makes up 18% of our business this year which is 5.5% higher than the same period last year.
The industry’s rapid growth just goes to show how investors have become aware of the ways bridging can assist their business to grow. This type of funding is so quick and easy with the majority of “clean cases” completing within 14 days.
One of our long term customers quoted “If you are self-employed and need to finance a project quickly and efficiently then you should try bridging, it most certainly works for me”
Like too know more?
Please call one of our experienced advisers and we will be happy to discuss your requirements.