Bridging applications increasing again
Here at Fastest Bridging in May we saw a significant increase in loan applications and we are pleased to report the majority were completed on schedule. This year we have seen a 25% increase on issued business compared to the same period last year.
Our recent survey of active clients shows clearly the reason for the increased business is down to the time it takes a high street bank to advance funds. One of our recent clients commented “I have turned to bridging finance as I am so tired of waiting and filling in pointless forms banks demand”. “I am amazed how simple, quick and efficient bridging finance can be if you work together with the broker, I can certainly recommend Fastest Bridging”.
Bridging lenders are always looking for ways to simplify the process even more and with so many uses for this type of funding bridging loans look set to flourish in 2015.
How the client can help
We at Fastest Bridging pride ourselves on our ability to complete a deal within the timescales we are given. To meet these deadlines we need all parties to be pulling in the same direction as this is vital to complete on time. Ways the client can help to achieve these goals are listed below.
- 1)Return application forms by return
- 2)Access to the property to be purchased (Survey)
- 3)Mobile phone contact
- 4)Internet access with scanner
These are just a guide and will help us to complete your deal with speed.
Need some help?
If you need assistance or want to talk over a proposed deal please call one of our fully trained advisers and we will be happy to help.
Buy-to-lets with bridging finance on the increase
2015 to date has seen a massive increase in buy-to-let property purchases. New investors and existing are looking to increase returns on their investments and see buy-to-let property as a positive way forward.
A recent review of landlords shows they are very keen to get the purchase of the new property completed as quickly as possible. Figures show that over 20% of new and existing landlords use bridging finance to complete the purchase as they see speed as a key to success. One of our regular clients commented “with suitable buy-to-let properties in high demand it is vital to complete the purchase as quickly as possible”. “Using bridging finance for me is quick, easy and a cost effective way to increase my portfolio”. “It also gives me time to arrange the correct buy-to-let mortgage as there are so many to choose from now”.
We at Fastest Bridging only advise the use of bridging finance when traditional methods are not suitable, but clients are expressing a wish to complete as quickly as possible due to the shrinking market. If you are considering entering the buy-to-let market or planning to increase your holdings it may be very prudent to act sooner rather than later.
Can we assist?
At Fastest Bridging we have a fully trained team to help you get your deal done as quickly as possible. If you require help or want to talk over a deal you are planning please do call us and we will be happy to assist.
Speed is vital for success
A recent survey taken from bridging finance brokers clearly shows that speed of completion is absolutely paramount when it comes to arranging a loan. This survey has highlighted 6 key areas to the broker when choosing a lender to place the business with.
1) Ability of lenders to meet tight deadlines.
2) Strength of trust and relationship between broker and lender.
3) Ease of communication between lender and broker is vital for transferring information.
4) Broker being kept updated to the progress of the application.
5) The lenders ability to be flexible if an obstacle occurs during the process.
6) Competitive rates and fees not always the cheapest but fair and affordable.
Our director of operations commented “it is so important with bridging finance to combine speed and communication to meet the client’s needs”. What is also important is the client returning information required to set the case in motion as quickly as possible. This is what we here at Fastest Bridging would call a “clean case” with all parties coming together to produce the loan on time.
Need to know more about bridging?
If you are looking for more information regarding bridging finance and how it could assist you please call one of our fully trained advisers. We are here to help and look forward to your call.