Bridging finance has many attractions, but the one which is almost always relevant to the borrower, regardless of their particular circumstances, is its speed. Bridging is unparalleled in the market when it comes to fast completions.
The relatively quick process with a bridging loan means borrowers can respond quickly to opportunities. These could include dealing with a residential chain break, buying a bargain property at auction, or coming to the rescue when a lender pulls out at the eleventh hour.
That said, there are occasions when a ‘regular’ bridging finance process isn’t fast enough. At times, borrowers have an urgent need for funds and they need a faster solution. That’s why Mercantile Trust launched the Express Bridge.
We believe our latest offering is a game-changer for those requiring rapid financial assistance, especially under challenging circumstances. Express Bridge is designed to ensure a swift turnaround, often within days.
So how do we make it faster than a typical bridging loan process? We combine in-house legal processes, equitable charge and Automated Valuation Models (AVMs) into our Express Bridge process. We lend from £25,000 to £300,000 up to a maximum loan to value (LTV) of 65%. Furthermore, there is no early repayment charge (ERC), and the product is available on properties of non-standard construction across England and Wales.
One of the things that I believe that Mercantile Trust is today known for is its flexible approach to lending where it assesses every application on its individual merit. This is fundamental to the Express Bridge, as it is designed to cater to borrowers who need urgent access to funds but who also may have faced recent credit challenges. The assessment of every case doesn’t slow down the process, but rather facilities loans to personal borrowers needing quick financial transactions for either residential owner-occupied (business purposes) and investment properties. Adverse credit isn’t an issue, past credit issues over 12 months are ignored and recent impairments are considered. No minimum income or employment duration is needed either.
The Express Bridge necessitates a process which integrates the AVMs and in-house legal in a simple and efficient manner. With that in mind, we’ve developed a simple, six-stage process which removes all extraneous elements:
Step 1: Broker enquiry
The broker contacts the Mercantile Trust mortgage desk to discuss the requirements of the customer
Step 2: Term issuance
The mortgage desk issues indicative terms to the broker.
Step 3: Application submission
The broker discusses the terms, leading to the formal application submission.
Step 4: Underwriting
Mercantile Trust will thoroughly review the application and contact the customer to arrange a face-to-face meeting at the security address.
Step 5: Meeting and strategy discussion
Mercantile Trust meets the client to discuss the application and repayment strategy.
Step 6: Completion
Express Bridge loan completes
I’m proud that with the Express Bridge we’ve created a robust solution for those in urgent need of bridging finance, especially for individuals with recent credit issues or unique property types. With its streamlined process and flexible terms, it represents a significant advancement in bridging finance solutions, reinforcing Mercantile Trust’s commitment to addressing the diverse needs of the market.
Maeve Ward is director of commercial operations at Mercantile Trust