Tip 1: Bridging loans to get you started
Not all property is equal in the eyes of many lenders – we’re always seeing borrowers who are struggling to finance a renovation, complete a land purchase or take their first steps into a new property investment project.
Tip 2: Self made?
We all admire those who’ve made it on their own. Your clients may be their own boss, but finding funding to seize a short term business or property opportunity can often be difficult.
Many high street lenders have tightened criteria and procedures in recent years, meaning that for certain types of client this isn’t a viable option for obtaining funds quickly for a business advantage.
Bridging finance from specialist lenders is different – it can work for both clients with a prime credit status and those without, and for commercial, semi-commercial or business loans.
So if your clients are self-employed, sole traders, partnerships or limited companies, you may be surprised at what’s available, even for the least likely clients.
Tip 3: Going with the flow
Tip 4. Bridging the buy to let gap
Continuing on from last week’s tip about having funds available to seize an opportunity - there’s nothing more heartbreaking for your clients than them finding the ideal property, for the purpose of buy to let, before they have the funds available to purchase it.
Tip 7: Second charge commercial bridging
Tip 8. Managing Debt Consolidation
9. Making a move
10. Build bridges to build your portfolio
Tips 1-9 have highlighted the benefits of bridging finance; and our final tip is recommend that brokers offer the widest possible range of products to their clients.
Every client is individual, with different risk profiles, different funding needs and different opportunities in mind.
So it’s great news that bridging finance from specialist lenders isn’t limited to one product. It’s available across all market sectors; it can be based on a first or second charge; and exit fees can be as low as 0 per cent. It’s this diverse range of options that make it well worth looking into for a huge range of clients - from those with a perfect credit records to those who may have had problems in the past - for personal or business requirements and from land to property acquisition opportunities.
Make sure bridging finance is part of your portfolio, and see what a difference it can make to your clients.