When choosing a bridging lender, speed of initial decision is more important to brokers than interest rates and charges.
A survey carried out by United Trust Bank, asked brokers to list in order of importance their key factors when choosing a bridging lender. The results are as follows: speed of initial decision; interest rates and charges; speed of application process; knowledge and expertise of staff and finally, flexibility.
Alan Margolis, head of bridging at United Trust Bank, said: “The survey results underline the importance of the lender’s speed of decision in the early stages of a bridging loan application. Accordingly, this is a crucial aspect of our bridging departments service where we provide our introducers with Credit Approved Decisions in Principle at the earliest opportunity.
“By giving a quick and considered decision the introducer is able to demonstrate to their client one of the key features which differentiates bridging loans from say mainstream mortgages; this is their ability to liaise and engage directly with a lender which can consider each unique bridging loan application on its merits as opposed to a systemised mass market approach to lending.
“Looking further down the list of our introducers’ priorities such as rates and charges and the speed of the application process, United Trust Bank is able to offer amongst the lowest rates in the sector and each application is allocated to an experienced dedicated case manager to help ensure that it is the borrower’s requirements that ultimately dictate the timescale for this bespoke form of lending.”