Are all lenders the same? Is a mortgage equivalent to a bridging loan? What difference does it make whether a broker chooses the right lender — surely most lenders are the same, and once you have the funds, you won’t need any contact with them?
While it’s true that bridging finance is becoming more and more mainstream, I think it’s important that we don’t start to lump short-term finance in with other, more traditional types of lending.
- B&C roundtable: BTL lender departures, hybrid products and utopian underwriters
- Funding 365 completes £270,000 bridging loan with Mantra Capital
- 37% of asset finance brokers predict lender pricing increase
Why is this so important? Just because a lender enters the bridging market, it does not mean they have the necessary skills and expertise to offer the type of bespoke and flexible service that as a broker you will find vital.
You need to be able to pick up the phone to an experienced underwriter or BDM who actually understands you, your project and the inevitable challenges you will face.
You need to speak with and see your bridging lender on a regular basis, you need them to understand the nuances of your application and that no two cases are the same. By taking a personal interest in you and your case, they will then be able to offer a facility that truly fits your individual needs.
Short-term lending requires a much greater degree of understanding by the lender, it requires a specialist expertise that comes from years of experience in the industry and this expertise will be a valuable addition to you and one you should not underestimate.
Do not accept a one-size-fits-all approach. Demand of your lender that personal and bespoke service that your customers deserve. It could be one of the most important choices you will ever make.