Nicola Firth

Knowledge Bank adds bridging and commercial categories

Knowledge Bank has announced that brokers will now be able to search for bridging and commercial finance criteria on its system.

The criteria sourcing provider has added over 9,000 individual bridging and commercial criteria to its system, taking total criteria to over 70,000.

This includes previously unpublished criteria and policy information, across all lending types that cannot be found via lender websites or product guides.

Knowledge Bank has been working with Connect for Intermediaries for the past six months to develop criteria questioning and work with lenders to complete all the criteria information.

During this period, Connect’s brokers have trialled the system, performing over 3,000 live searches.

Knowledge Bank exclusively revealed to Bridging & Commercial that commercial property was the most searched for criteria for bridging finance, while adverse credit topped the commercial finance table.

Following the pilot phase, the ability to search for criteria within these new sectors will be activated automatically for all Knowledge Bank users.

Advisers using Knowledge Bank will also be able to place bridging and commercial cases via Connect for Intermediaries.

Nicola Firth, CEO at Knowledge Bank (pictured above), explained to Bridging & Commercial that the top five searches in each of the two new product types provided an insight into the challenges that brokers faced in placing these cases.

“We can report from the results of our pilot that within both bridging and commercial loans, brokers are searching, on average, on five individual criteria conditions.

“This highlights the complexity of the clients’ circumstances for these loan types and the challenge brokers’ face in placing these types of cases.

“Adding these two new loan types is an exciting development for Knowledge Bank and follows a period of working closely with providers in these sectors to understand and unmask criteria complexities and conditions so that brokers don’t have to.”

Liz Syms, CEO at Connect for Intermediaries, said that it had been working with Knowledge Bank for some time, using its specialist expertise in both the bridging and commercial sectors to ensure the searches worked for brokers.

“Until now, it has been incredibly difficult for brokers to navigate this market unless they are dealing with a wide range of lenders every day, as we are at Connect. 

“Connect will, therefore, continue to help brokers who understandably still need additional help and support in finding the right mortgage and presenting their case in such a way that it will give it the best possible chance of success.” 

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