Nick Jones

Demand for bridging finance continues to grow

Recent figures from the Association of Short Term Lenders (ASTL) – compiled from its bridging lender members – have shown that the value of applications for bridging loans increased by 13.9% in Q1 2017, compared with the previous quarter, and are up 123% on Q1 2016.

Here at Together, we are also seeing an increase in appetite for bridging loans, as awareness continues to grow for this fast and flexible funding option which can serve a wide range of purposes: from repairing broken property chains to helping homebuyers move up the property ladder. 

To help ensure we’re meeting brokers’ needs, we’ve made multiple changes to our bridging products and processes so we can deliver what customers are looking for.

Last month, we launched our lowest-ever regulated bridging rate at just 0.49% per month. This is a limited-edition product and the lowest published bridging rate we’ve offered in our 43-year history, plus it’s also the lowest in the market at up to 50% loan-to-value. 

Our commercial bridging rates have been lowered too, and now start at just 0.65% for residential purchases and 0.75% for refinance.

We also recently overhauled our bridging application process which resulted in the application time for a broker being slashed from 30 minutes to just two, using our online portal MyBrokerVenue.

So, as we continue into the second half of 2017, we’re expecting the demand for bridging finance to grow – for both regulated and unregulated products – and eagerly await the next set of results from the ASTL. Meanwhile, we will continue to update and improve our offering in this area so we can help as many brokers and customers as we can. 

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