Precise Mortgages has partnered with the National Association of Commercial Finance Brokers (NACFB) in a joint bid to promote higher standards in the residential bridging finance market.
The lender recently launched a campaign for more transparency in bridging lenders’ interest and fee charging policies so that borrowers can better compare the relative competitiveness of loans.
Adam Tyler, chief eecutive of the NACFB, said: “Our Association has been at the forefront of providing self-regulation throughout the commercial finance industry for 20 years now. It is through increasing standards across the Industry that we have kept this status quo.
“This latest initiative will benefit both our members and their customers alike.”
Alan Cleary, managing director of Precise Mortgages, added: “Inconsistent standards being applied across the market make it all but impossible for borrowers to effectively compare the competitiveness of loans.
“I believe that the NACFB is leading the way with its Code of Practice and the bridging market would be a better place if all lenders and distributors had similar policies in place.”