Knowledge Bank has started offering brokers the ability to perform criteria searches within bridging and commercial,after a six month trial with Connect for Intermediaries’ brokers.
Knowledge Bank has started offering brokers the ability to perform criteria searches within bridging and commercial,after a six month trial with Connect for Intermediaries’ brokers.
They have performed over 3,000 live searches by asking the system to display which lenders will lend against multiple criteria requirements. Advisers using Knowledge Bank will have the ability to place their bridging and commercial cases via Connect for Intermediaries.
Payam Azadi, director at Niche Advice, said: “It’s positive. It’s encouraging and gives a good starting point for brokers. The trouble with bridging is its very difficult. It’s so individual and bespoke that it’s a good starting point but you’re always going to have deep conversations with the lender.”
The addition of the new sectors has added over 9,000 individual criteria to the Knowledge Bank system taking the total criteria held by the system to over 70,000.
This includes previously unpublished criteria and policy information across all lending types that cannot be found via lender websites or product guides.
Knowledge Bank will now have eight different loan types, at no extra cost. Knowledge Bank’s enhanced search took makes it quicker and easier to find the right criteria straight away, while brokers can search for unlimited criteria on any single search.
Nicola Firth, chief executive of Knowledge Bank said, “This is an exciting development for the system and follows a period of working closely with providers in these sectors to understand and unmask criteria complexities and conditions so that brokers don’t have too.
“Our job is to make brokers’ lives easier and give them more time in front of clients rather than searching through product brochures and spreadsheets.
“Both bridging and commercial sectors are expanding with new entrants and new products and as such should provide an exciting opportunity for brokers.
“Complicated criteria conditions should not act as a barrier to entry for brokers looking to seize new income opportunities and that’s why we’ve made it easy to quickly and easily find a home for a client’s case.
“Knowledge Bank is already the definitive source of data on mortgage and loan criteria and by expanding into these product areas brokers now have a one stop shop for eight separate loan types.”
Liz Syms, chief executive of Connect for Intermediaries, said:“We have been working with Knowledge Bank for some time, using our specialist expertise in both the bridging and commercial sectors to ensure that the bridging and commercial searches really work for brokers and contain everything that they need to find the right bridging lender and mortgage for their client.
“Until now it has been incredibly difficult for brokers to navigate this market unless they are dealing with a wide range of lenders every day as we are at Connect.
“Connect will therefore continue to help brokers who understandably still need additional help and support in finding the right mortgage and presenting their case in such a way that it will give it the best possible chance of success.”
