Short Term Lenders Remain Positive
The Association of Short Term Lenders (astl) has recently announced some positive data relating to how its members feel about the bridging loan market. Below we provide some of the information that we trust you will find of interest.
Apparently, 63% of members of the Association of Short Term Lenders expect their bridging finance sector turnover to increase. This is extremely positive news and will no doubt be welcomed by both lenders and borrowers alike. There is no doubt that greater use is being made of bridging finance by consumers and let us hope that this pattern continues both now and into the future.
When bridging lending is arranged in a suitable manner it can provide an excellent form of short term finance enabling many projects to be taken on. For instance, bridging finance is often arranged to cover things like property renovation undertaken by property developers. Such finance can be used to buy a property at auction pending a residential mortgage being put in place.
On a short term basis, the interest rate often charged by lenders can be attractive but borrowers also need to take into account any fees such as valuation, legal and arrangement fees. These fees make a difference to the over-all cost of such borrowing.
There are numerous lenders providing bridging finance. It is no longer the sole domain of the major high street banks as there are a variety of specialist lenders here in the UK. So, it is important that if you are looking for short term finance that you shop around for the most suitable deal. Yes, you can do this yourself but you could also consider using a specialist broker such as one that we can put you in contact with who has an extensive, quality panel of lenders at his or disposal. We look forward to being of assistance to you either now or in the future.