Tip 5: Ask the Experts

If Bridging or short term development finance is not something you do very regularly then it can seem complex and daunting and may even encourage some intermediaries to walk away from a deal.  Some deals look so complicated that it is a difficult job even to figure out how to structure the deal let alone which lender will do it, what with cross collateralisation, comfort charges, open and closed bridges, retained interest etc the jargon can be a cause of confusion in itself. 

However, help is at hand.  Firstly, you can call a lender such as Precise Mortgages; we have a dedicated underwriting team who do nothing but look after bridging and short term loans and they are right on the end of the phone.  If you ring our free phone number

0800 116 4385

and select short term lending you will get straight through to an underwriter and they will be able to give you a verbal decision as to whether we can accept the deal or not in just a few minutes; if the deal is accepted they will be able to issue you with a written Approval in Principle the same day and if you wish to proceed all you need do is complete an application form and once we have collected the valuation fees we can commence processing. 

Our underwriters have a wealth of experience so they will be able to advise you on how to structure the deal and how to achieve the best rate for your customer and indeed they will answer any another questions you may have.  Precise Mortgages also has a preferred panel of packagers and if you prefer you can contact any one of these to discuss your case and they will be more than happy to help you.  The packagers are some of the most experienced people in the industry and what they don’t know about bridging and short term lending probably is not worth knowing.  In some case you can simply refer the customer to the packager and they will do all the leg work in exchange for a split of the proc fee.  Bridging and short term loans are in growth mode at the moment and the potential earnings are well worth the effort so I would encourage you if you haven’t already done so to take a look at this market and all it has to offer.