Paul Rumbold, marketing director at Cheval, said: “We expected a healthy take-up but the truth is we underestimated the demand from brokers to improve their knowledge of the bridging finance market and where it can provide a solution for their clients. As a result we will be expanding the sessions and welcome enquiries from intermediaries.”
James Cotton, mortgage specialist at London & Country, was pleased that brokers were keen to broaden their prospects and knowledge. He said: “It is certainly good to see that brokers are looking to increase their knowledge of what bridging finance entails. It seems that a lot more clients are looking for short-term finance in addition to their mortgage so it’s a good idea that brokers swat up on the area of bridging finance.”
However Harry Katz, principal at Norwest Consultants, suggested bridging finance was a way to rush through a housing deal and served little real purpose. He said: “In general terms I think that bridging finance is a useless idea. I have never done bridging finance in 20 years and I have never found a client who wouldn’t wait to move from one house to another.”
“Bridging finance is also expensive and in many cases it is not essential, just recommended. I have never come across a case where as a result of missing out on a house the client has become homeless. If you have to wait then you have to wait. I can’t understand the imperative of having to resort to bridging,” he added.
