Almost 80% of advisers are active in the bridging finance market, with bridging advice providing between 10% and 80% of their income, according to a brand new report on the sector from BestAdvice.
The report found that the bridging market is burgeoning, with 24% of those surveyed having only started writing bridging business within the last year, and 40% having only been in the sector for two years
The 78-page Bridging Finance report is designed to bring clarity to the sector, to deepen understanding of the propositions available, and help advisers understand which providers operate in which market segments, where their sweet spots are and how their propositions differ.
The report found, however, that advisers have a number of frustrations with the bridging market, including rates, the rolling-up of interest and the application-to-offer process.
Legal fees and issues with solicitors were also cited by advisers as problems.
Kevin Rose, editor of BestAdvice, and author of the report, said: “Our report aims to give mortgage advisers a clear picture of the key bridging providers who deliver products to the intermediary market.
“We thank the majority of providers that supplied us with complete data for their forward-thinking and transparent approach.”
To download a free copy of the report, please click here.