For the first time, an additional bonus will be given to financial advisors once their client successfully fulfils their exit strategy - at no extra cost to the client.
Bridgingloans.com has launched this new incentive to promote responsible lending and provide borrowers with a larger safety net when taking on short-term finance. Positive Lending, the secured, commercial and bridging packager, is the first organisation to carry this innovative offer. Positive Lending offers many unique services to over 1100 registered brokers nationwide, and this new offer will fully complement existing features.
At a time when funding lines are regularly pulled and there is a risk that even firm offers may fall through, incentivising a safe exit from a short-term loan embraces the intent of TCF and responsible lending regulations. "We feel that it is our responsibility to provide as much security as we can with our loans," commented Martyn Smith, Managing Director, Bridgingloans.com.
He continued "We have always stipulated exit strategies in our consideration of any lending, but the importance has been elevated in the current climate. Now working together with such a respected packager as Positive Lending, we can offer a large amount of experience and knowledge of a wide range of lending criteria and circumstances. This will help to ensure that everyone - especially people new to bridging loans - can be confident that they are getting the best deal and the best advice."
"Bridgingloans.com has been at the forefront for new initiatives for some time, which is why we place the majority of our enquiries with them," added Paul McGonigle, Managing Director, Positive Lending Limited.
"The white label packaging arrangement that we have with them has helped us to take more control of our enquiries. It makes sense for a lender to incentivise introducers to place a clear exit strategy from the onset, so it's good to see someone doing it. "The additional commission we can now pay for a properly executed exit means that introducers can earn as much as two per cent for every enquiry with Positive Lending," continued Paul McGonigle.
"Introducers are safe in the knowledge that Positive Lending handles everything for them and can instantly and easily view detailed case information online through our new broker portal."
The Redemption Bonus is available now for any IFA or introducer submitting an enquiry to Bridgingloans.com - see www.bridgingloans.com for more information.
