MTF: 86% of brokers see rise in bridging loan volume
By Tom BelgerMTF reported an increased number of brokers had turned to bridging loans after their clients failed to secure a mortgage.
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MTF reported an increaed number of brokers had turned to bridging loans after their clients failed to secure a mortgage.
In its quarterly broker sentiment survey, MTF found 86% of brokers had noticed a rise in bridging loan volume during Q4 2015, up from 76% in the previous quarter.
Out of the 181 brokers surveyed, 91% said they were unable to source mortgages for some of their clients with 61% turning to bridging finance as an alternative source of funding, while 26% chose a secured loan.
MTF found 27% of brokers were unable to get mortgages for clients with poor credit history. 18% had blamed property down-value.
100% of brokers found bridging finance as a useful tool which was up from the 93% reported last quarter as it showed its growing prominence as a loan product.
“Bridging finance is plug a funding gap as borrowers seek specialist and flexible funding from bridging finance lenders,” said Tomer Aboody, Director of MTF.
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