Amicus’s annual broker survey has found that 73% of brokers continue to be dissatisfied with the response levels from clients’ solicitors.
The regulated lender, formally known as Capital Bridging Finance, has a distribution focus that concentrates on a limited number of master and specialist brokers and it uses the findings of the survey to reinforce its business model.
Keith Aldridge (pictured), managing director of Amicus, said: “The survey consisted of 16 questions, the responses to which will be used to enhance our relationship with our broker partners and support the growth of our broader proposition that year on year has seen the number of supporting brokers increase.
“Much of the detail will be used to improve our competitive advantage so is sensitive but just as last year the fact that 73% of respondents were critical of the speed of service from client’s solicitors shows that there is still much to be done by Amicus and other ASTL members to improve the education of many solicitors who remain ignorant of the often demanding time lines that are needed to ensure all stakeholders play their part in getting a case completed.
The survey confirmed that longer periods than six months are now the norm with 12 months being the most popular and nine months replacing six months as the second most preferred period. Only 1% of respondents were regularly seeking loan terms of 18 months or more.
“Since last year’s survey Amicus has become a regulated lender so it is interesting to know that 42% of brokers in the survey did not believe that dealing with a regulated lender in an unregulated sector was important. I expect this percentage to reduce in the years ahead as the FCA extends its influence.
“The survey results show that there is more that all stakeholders need to do to satisfy each other’s priorities but we are delighted to be working with a growing number of like-minded professionals who are comfortable sharing their thinking with us and with 80% of them being very confident that the sector is on the up, we at Amicus are looking forward to achieving a 10% market share of a growing market.”