Rise In Bridging Loan Volume
MT Finance Ltd (mtf), a provider of bridging finance here in the UK, has recently produced results of a survey it carried out with 119 brokers. The data reveals that the volume of bridging loans increased in Q1 of 2018 with 30% of the brokers participating in the survey. 10% of brokers felt that volumes had reduced and 60% were of the opinion that volumes were unchanged.
The greatest demand for bridging loans came from borrowers in the South East of the country at 50%. Scotland and the Midlands were each 15%. London was 10%, the South West was 7% and the North West was 3%.
39% of brokers felt that pricing and interest rates were the most important reason for choosing a lender that provides bridging loans. 33% of brokers felt that flexibility was the major reason why they would choose a particular lender to provide a bridging loan. 26% of brokers felt that speed of completion was the most important reason for selecting a bridging lender. 2% of brokers were of the opinion that their existing relationship with a particular lender was the most important reason in selecting a provider of bridging finance.
The main reasons why a borrower took out a bridging loan were: –
27% – development project
24% – property purchase
21% – refurbishment
20% – business purpose
5% – mortgage delays
3% – other
When asked what brokers felt was the main issue within the bridging finance sector 37% said competition, 26% said delays, 21% said lack of innovation, 11% said regulation and 5% said other.
If you are looking for a bridging loan then you will be pleased to hear that we can put you in touch with a broker who has an extensive panel of lenders at his or her disposal and who has many years experience within this specialist area of finance. This should provide you with an opportunity to obtain a competitive funding package tailor-made to meet your requirements in a timely manner.