Brokers and borrowers should cut delays and secure a bridging loan speedily when attempting to get a lender all of the required information, especially when it involves face-to-face negotiations according to Alternative Bridging Corporation.
Brian Rubins (pictured), director at Alternative, said: “For most bridging loans there is no purpose in meeting before the lender has reviewed the broker’s proposal.
“Commercial loans and residential development finance are more complex, yet often larger and offer highly profitable opportunities for enterprising brokers and to lenders prepared to get a clear understanding of the proposal.
“As soon as the lender can confirm the application is of interest, this is the time to talk.
“Sitting face-to-face is so much easier to obtain detailed explanations and it is a two-way process. It is a time for the lender to discuss and understand the opportunity and for the borrower and broker to learn and discuss the lender’s terms, conditions and requirements.
“It looks obvious but this way of working is not offered by all lenders and is often resisted by the broker.”
