Complete FS

Is bridging technology akin to what high street lenders can offer?

Some parts of bridging could be similar to the technology high street lenders offer, according to Peter Turner, senior development manager of commercial mortgages at Shawbrook.

The comment was made during a panel discussion last week at the National Specialist Lending Forum in Southampton, hosted by Complete FS, following a question regarding how technology is changing in the bridging sector.

“We've now got our electronic AIP, so on bridging you can put that through and get an immediate decision, which is credit-searched, credit-backed,” said Peter.

However, he thought that people didn't want to lose the option of being able to speak to someone.

“…Technology will work with people that want to work with it, so uploading documents, that sort of thing, speedier underwriting, that will help without a doubt.”

Lorenzo Satchell, commercial underwriting specialist at Together, added: “…You are seeing an increase in volumes year-on-year within the short-term finance space.

“So that means, yes, technology to a certain point has to be a driver to process the transactions.”

However, he didn’t think a computer could handle things from a traditional standpoint; with regard to talking about the cases, looking at the individual’s needs and structuring the finance.

Gareth Lewis, commercial director at MT Finance, added that what it classed as true bridging finance had to be individually assessed by a person understanding the transaction.

"I don't think you can fully automate it, certainly."

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