Bridging lender changes criteria following broker feedback

Bridging lender changes criteria following broker feedback


A London-based specialist short and medium-term finance company has announced a number of key changes to its lending criteria, following feedback from brokers.


Drawbridge Finance said the changes were ‘a direct response’ to a recent survey of 100 of its key partners and are intended to ‘further enhance’ its product offering for brokers.


The changes include waiving the requirement for 3 months’ original bank statements on purchases, with one month just being required from now on, to evidence balance of funds.


Rental cover on deferred interest loans has also been reduced to 115% cover, while rental cover on non-deferred products has been reduced to 100% cover.


Lastly, when lending to limited companies, Drawbridge will not take a debenture over the company’s assets. Furthermore, it won’t require personal guarantees on company loans where the loan-to-value is less than 50%.


Commenting on the changes, Mark Posniak, Marketing & Operations Director, Drawbridge Finance, said: “As a bridging lender, there is nothing more important than listening to brokers and responding to their suggestions and needs and that is what we have done with these changes to our criteria.


“We want to make dealing with us easier than it already is and to help brokers complete more deals. Outside of our surveys, we always encourage brokers to provide honest feedback so that we can continually improve our product and service offering.”


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