Brokers Positive About Bridging Finance In 2018
Based upon a recent Broker Sentiment Survey by mtf that is a provider of bridging finance, many brokers are positive about how they feel this important sector of lending will progress this year. This no doubt bodes well for the consumer as one would have thought that if the bridging loan market place looks good that this would encourage competition amongst lenders.
Some 68% of brokers were positive about prospects in 2018 feeling that conditions in the market place will improve with this being a significant increase when compared with last year when only 31% of brokers involved in the bridging finance sector were confident about prospects.
Another interesting statistic was that 84% of brokers were of the opinion that the volume of bridging finance will rise in 2018 whilst 15% felt that this would not be the case.
In 2017, 73% of lenders saw a rise in the volume of bridging finance whilst 21% were of the opinion that such lending remained about the same whilst 6% felt there was a drop in such specialist lending.
The main reason why clients arranged bridging finance was for refurbishment with 28% doing so for this reason. Property purchase and development projects were in joint second place at 19%. 16% of bridging loans were for business purposes. Auction purchases accounted for 9%. Mortgage delays made up 6% of applications for bridging finance.
47% of bridging loans in 2017 were requested from businesses and individuals in the South East of England and 34% were from such sources in London. The Midlands made up 6%, Northern Ireland 4%, Scotland the North East and the South West each made up around 3%. It will be interesting to see if the statistics revealed end up being close to what is being forecast for 2018.
Here at Commercial Mortgage Link, we are ready to receive your bridging lending request. We will put you in contact with a specialist broker who can guide you through a maze of bridging loan providers to provide you with every opportunity to source a suitable, tailor-made product.