Bridging loans will be faster in 2016

With all the success of 2015 now put to bed bridging finance is gearing up for a very active 2016. Lenders are determined to build on the year gone by and are promising to reduce completion times even more. A survey of borrowers taken recently stated the ease and speed to complete a deal were paramount, especially in the buy-to-let sector of the business.

Lenders have taken this information on board as they see this as a very important year in the future of bridging. One lender commented “lending went through the roof last year and we want to consolidate this position, we are determined to reduce completion time with the brokers help”.

This is without doubt very good news for the borrower as delays can be very costly. Last year saw a reduction of 15% in completion time, so if this can be improved on it will be a very exciting year ahead for the industry.

General application process

After the initial contact we will assess the type of loan and most cost effective way to move forward by asking basic questions. We will then give an accurate and honest opinion of the completion time plus the costs involved to secure your lending. After acceptance an application form has to be completed, we will give you guidance on how to complete this so as to speed up the process. It is essential to have good contact facilities as communication is key to completing any deal quickly.

As soon as the application form is with the lender a survey will be instructed, in some cases this will be completed on the same day. Once this process is complete and the survey matches the valuation an offer of lending will be issued, this is subject to a sound exit strategy being in place.

Seeking help?

Our advisers are fully trained and skilled in providing you with a fast and professional service to meet all your financing requirements. Please do call us and we will be happy to help.