Brokers unsatisfied by lender communication and lack of deal progression updates

Poor communication with lenders and updates on how deals are progressing have been listed as the top of brokers’ frustrations, revealed a recent survey run by Just Cashflow.

In total, 85% of the 40 intermediaries surveyed identified insufficient communication and lack of information on how deals are progressing as their top issues.

Martine Catton, deputy CEO at Just Cashflow, said: “The results didn’t come as a surprise, as it confirms the feedback our broker team and business development staff are receiving on a daily basis.”

“This feedback and the survey results show how important it is to not employ a ‘one size fits all’ communication approach; if you do, you will miss out on promoting your financial solutions to a wide range of brokers.

“We have long-standing broker relationships where we know the preference is to simply pick up the phone and have a conversation, and we also see an increasing trend in brokers that are happy to deal exclusively through our dedicated broker portal.

“I know brokers hugely value prompt and decisive communication and there are occasions when the second-best answer we can give is a quick ‘no’ — this means valuable time isn’t lost and the focus can immediately be on finding a lender that can make the deal work.”

Charles Groves, director at Elite Business Funding, shared the same view, adding that good and timely communications is key to a growing and highly-effective working relationship between brokers and lenders.

“We appreciate Just Cashflow’s open approach to their underwriting criteria which is accessible and straightforward. 

“Being able to speak to its underwriters directly, if this is called for, is also highly valued.”

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