Flexibilty is least important in bridging, say brokers

According to a survey by United Trust Bank (UTB), brokers placed flexibility at the bottom of the attribute list when choosing a bridging lender…


The survey conducted by United Trust Bank found that the speed of initial decision topped interest rates and charges when brokers were choosing a bridging lender.

Brokers were asked to list key factors when choosing a bridging lender in order of importance, where the results showed that while speed of initial decision was main priority, flexibility was the least important to brokers.

Rank

The most important bridging lender attributes

1st
Speed of initial decision
2nd
Interest rates and charges
3rd
Speed of application process
4th
Knowledge and expertise of staff
5th
Flexibility

UTB table on attributes recorded by brokers


Commenting on the findings, Alan Margolis, Head of Bridging at United Trust Bank, said: “The survey results underline the importance of the lender’s speed of decision in the early stages of a bridging loan application. Accordingly, this is a crucial aspect of our Bridging Departments service where we provide our introducers with Credit Approved Decisions in Principle at the earliest opportunity.

“By giving a quick and considered decision, the introducer is able to demonstrate to their client one of the key features which differentiates bridging loans from say mainstream mortgages; this is their ability to liaise and engage directly with a lender which can consider each unique bridging loan application on its merits as opposed to a systemised mass market approach to lending.

“Looking further down the list of our introducers’ priorities such as rates and charges and the speed of the application process, United Trust Bank is able to offer amongst the lowest rates in the sector and each application is allocated to an experienced dedicated Case Manager to help ensure that it is the borrower’s requirements that ultimately dictate the time scale for this bespoke form of lending.”