Gareth Lewis

MT Finance enters regulated bridging market

MT Finance has launched a regulated bridging product offering, currently available to a selected panel of brokers.

The specialist lender claimed it makes an initial assessment and comes back within one working hour with approval or indicative terms. 

Within two working hours of receiving an application and supporting documentation, it aims to produce a loan contract and mortgage illustration.

Gareth Lewis, commercial director at MT Finance (pictured above), said: “We feel some lenders have lost sight of what’s important. 

“Nobody wakes up in the morning wanting bridging finance — they have a specific transactional need. 

“Bridging finance is about providing liquidity and getting transactions done within a tight timescale.”

Gareth added that the lender had stripped back to the essentials of bridging finance. 

“A number of brokers have told us that some challenger banks are taking 24 hours to say yes to a transaction on the basis of the information in front of them, with underwriting then taking up to four days. 

“We believe these timescales are unacceptable. 

“Their rates may be slightly cheaper, but a client may be better off paying more for a product that better suits their needs.” 

Paul McGonigle, chief executive at Positive Lending, commented: “We are delighted to be selected as a preferred partner for MT Finance’s regulated bridging division. 

“Our business has written thousands of bridging loans and is well known in the market for our expert advice on regulated loans. 

“I have always been super impressed at the service offered by the MT Finance team and I am delighted that their proposition offers the same true value, backed by the very best service.  

“One of our first regulated loans with them was funded in four days from application and it was down to their communication and drive to support us with an urgent transaction. 

“We are looking forward to writing more regulated business with them in 2021.”

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