The Future Of Bridging Finance
Last year is predicted to have been a good one in terms of the amount of money lent in respect of bridging finance but what are the prospects for this short-term lending sector in 2016?
Well, there are some that are of the opinion that there will continue to be a significant take-up of such lending this year and that more lenders will enter this finance sector making it even more competitive than it currently is. Of course, increased competition can be of benefit to the customer as it may result in new, innovative products being introduced and lower interest rates.
It looks like we may be going to see an increase in the number of new homes being built partly as a result of Government intervention. Some property developers may be requiring bridging finance to help towards the very early initial stages of funding such housing development projects.
With so many providers of bridging finance it can be difficult for the customer to source a competitive finance package. The natural inclination of many property developers is to get in touch with their business manager at their bank and try to arrange bridging finance through them. However, how does that customer know that they are getting a competitive deal? They don’t!
So, who else can be approached for a bridging loan? Well, you could get in touch with other major banks and building societies. You could use the Internet to source a number of other specialist providers of such finance.
Another way is to get in touch with a commercial mortgage broker who has an extensive panel of bridging finance providers at their disposal. Here at Commercial Mortgage Link, we can introduce you to a specialist finance broker who will endeavor to help you through the process of sourcing a competitive bridging finance package, assist in the completion of the application documentation and liaise with the lender throughout the application process.