Top Ten Tips to fast track completion

Top Ten Tips to fast track completion




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Alan Cleary of Precise Mortgages gives us the secrets to a quick deal...

Pick a lender with an appetite to lend

You will have all heard about the problems lenders have been facing over the last few years in raising money to fund their lending activities and no doubt you have been on the receiving end of some the symptoms of dealing with lenders that have a restricted appetite to lend money.

There has been a significant tightening of lending criteria not just in the mainstream markets but also in Bridging and Short Term Lending (STL) which no doubt will have had an effect on you and your customers.  Have you experienced lenders who take in an application, spend weeks underwriting it only to tell you at the last possible minute that it is being declined?  Have you had a mortgage offer retracted?  These are just a few of the problems you may have experienced, which are caused by an extreme lack of funding in the markets. 

The problems in Greece and now Spain and Italy are also likely to take their toll albeit temporary, but the chances are we are in for regular shocks to the Global Economy over the next few years.  Therefore, it is important when you are considering which lender to use for your next STL deal that you have some confidence in their ability to fund the loans in the first place. 

Precise Mortgages has a secure funding line in place that gives us access to significant levels of capital to use for our lending activities and we have a genuine appetite to lend money in the STL market.  After all, what the market needs is lenders not pretenders.

 

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