Time Taken To Complete On Bridging Loan A Priority
United Trust Bank has revealed the results of a Broker Sentiment Poll of in excess of 100 commercial brokers relating to certain aspects of bridging loans that makes for interesting reading. Below we highlight some of the findings.
The number one priority of 44% of brokers for their customers is the time taken to process a bridging loan from application to completion. This probably should not come as a surprise to readers as one of the reasons why someone may apply for such short term finance is because he or she requires the funds quickly to perhaps complete on a property purchase say at auction.
It is also interesting to note that a mere 4% of brokers were of the opinion that the time taken to get a decision on a bridging loan application was the main priority. One would have thought that would have been of most importance to a larger percentage of borrowers.
Also, one would have thought that a high percentage of borrowers would have seen getting the lowest bridging loan interest rate possible as the main priority but only 19% were of this opinion. That is a little surprising but perhaps confirms that the cost of bridging finance is not of major concern when compared to the speed it takes to complete on a bridging loan.
18% felt that being certain that a bridging loan was available was a main priority.
The main priority of 13% was that the maximum gearing was available.
The poll also revealed that the largest demand for short term finance was for property development followed by property conversion and refurbishment followed by residential investment purchases.
Bridging finance is a specialist form of lending but there are still a lot of lenders offering short term finance. Therefore it is important that if you are seeking such finance that you obtain a competitive lending package in a timely manner. Here at Commercial Mortgage Link we are able to introduce you to a specialist broker who has many years experience in assisting customers and has an extensive panel of lenders at their disposal. We look forward to being of assistance.