In a unique poll conducted this month by Bridging and Commercial, Cheval was voted best Bridger, winning 32% of the vote.

Cheval’s declared aim is to provide “stress free bridging”, and in order to see how they deliver this service, we visited and were shown around their Watford offices by Sales Marketing & Director, Mark Posniak. 

Established in 1995, Cheval has established a reputation as a specialist lending institution that prides itself on providing niche products and excellent customer service to brokers. In order to maintain this level of service, each stage of the process has to run as smoothly as possible, and Mark explained to us 1how the process works. 

On initial contact, brokers will speak to either our internal BDM or one of our external BDM team. They will immediately make a decision on whether or not the deal is viable before any initial registration is carried out or whether additional information is required. This is something that many other companies fail to do and as Cheval’s internal BDM Michael Jones explains: 

“It doesn’t make sense to get a broker to spend time filling in forms if from the outset it is clear that Cheval cannot assist. By not wasting brokers’ and our own time on undoable deals, we are able to provide the best level of service to those deals that are viable. Sometimes saying ‘no’ is as important as saying ‘yes’.”

When the BDM decides that Cheval will be able to help a client, they are then directed through the registration process (new brokers only) and will complete and submit the DIP form online. Once the DIP is received, the application is passed to an underwriter and the BDM lets the broker know when they can expect a response.

Rather than being passed around a team of people the deal will become that underwriter’s sole responsibility- another unique aspect of the Cheval service. Sandy Kokkinos, senior underwriting consultant with Cheval, has 18 years experience as an underwriter and it is due to her and other team members’ expertise that loans are completed quickly and efficiently. From this point, most deals take on average around 5-7 days to complete- Cheval's record being a deal turnaround of just 7 hours! 

Throughout the underwriting process The BDM team and the underwriters keep in touch with the broker to ensure they are informed about what is happening. Mark explained to us that maintaining contact is very important as experience shows that one of the most stressful aspects of any loan transaction for both brokers and borrowers, is not being kept updated on the progress of the loan application. This is more acute with bridging loans where all concerned are often subject to very tight deadlines. 

Cheval has found through maintaining this level of customer service, that brokers continually return to do business. However, rather than resting on its laurels, Cheval is keen to continue improve its service and is currently continuing its development of systems and the introduction of new innovative products to help maintain their position as the clear market leader.

 Mark believes that the bridging market holds many rewards for brokers who are suffering in the current mortgage market, and that bridging is an area which will grow as brokers become more aware of its benefits not only to them but to their clients.

Lucy Trueick