However, brokers are still yearning for more. The majority still want longer loan periods and the survey showed that 73 per cent of brokers were dissatisfied with the speed of their client’s solicitors - creating a 13 per cent increase from last year.
Keith Aldridge, Managing Director of Capital Bridging Finance, said: “We have been delighted with the response to this year’s survey with a 100 per cent increase in the number of brokers expressing their honest opinions about what they expect of the market in 2014 and what they think of Capital Bridging’s offering and how it should be improved.”
A healthy, 92 per cent of the brokers who took part in the survey expected business levels of 2014 to be greater than 2013, however their bridging business percentage counted roughly the same as it did in 2013. The majority of brokers claimed bridging accounted for 30 per cent of their volumes.
The second annual survey found that a resounding number of respondents would recommend Capital Bridging to others.
Mr Aldridge said: “We have a growing reputation for being a sector leader in seeking feedback from the market (including our solicitor and valuer partners) but it is how we react to the feedback that will determine how the business grows in the face of strong competition.”
Keith added: “Our survey is qualitative, targeting just 300 specialist brokers from our database.
“We will be using the feedback from these specialists to improve the broker experience with Capital Bridging, to extend our product offering and to help support our membership with the ASTL. It is this type of information that will strengthen the reputation of the short term funding sector.”
Darren Baker, a respondent from Peritus Private Finance, commented: “Peritus Private Finance has ambitious plans for the future which has to include lender partners who are responsive to our demands for excellent service and innovative products.”
Mr Baker added: “Over the years we have responded to many surveys but few have been as positive as Capital Bridging in responding to our suggestions. Capital Bridging certainly listen and whilst we know they cannot be all things to all brokers we know they try to be, where possible. We look forward to the new range of solutions we believe they will bring to the market as a result of this vital piece of field research.”
Keith added: "Capital Bridging will be making some significant announcements in the months ahead and a great deal of what we will be saying will be in response to those who took the time to complete the survey. Much of the data gathered is sensitive as it will provide the foundation for our plans over the next few years and so we are very grateful for all those who found the time to complete the 13 question survey.”
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