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offers his Top 10 Tips when considering bridging finance for your client.  1 Consider all options
You shouldn’t discredit anything offhand, especially short-term finance that can be put in place quickly and keep a deal going while longer term funding is secured.
2 Pick the right lender
Examine their rates and transparency of service before making your choice. Make sure you get opinions from past clients, as this is a good way of gauging credibility. Bridging Finance Limited prides itself on referrals from existing clients, confirming our credibility in the marketplace.
3 Rates do not have to be confusing
Always look to use a lender that can provide one rate so that your client is completely clear about what they have to repay. Some lenders advertise competitive rates and then offer a different (and often higher) rate at a later stage. Bridging Finance Limited offer one clear market leading rate to ensure the client knows precisely what will be charged.
4 Think about time frames
Bridging finance is an efficient form of funding and allows the funding process to go through without delays. Dependant on purpose, our loans can often be funded within 24/48 hours of the first phone call.
5 Read the small print
Most lenders provide clients with a typical 3 month facility, they charge the borrower if they go over this period through penalties and re-negotiating new terms. Bridging Finance Limited provide a ‘flexible 12 month facility’ on day one, so if the client goes over the average three months they are still on the same clear terms.
6 Don’t worry about credit references
Bridging loans can be lent purely against an asset. Everyone is assessed on an individual basis. This means less paperwork and a hassle free process for both you and your client.
7 Keeping you informed
As the administration of the funding progresses the lender should keep you and your client fully informed at each stage of the transaction.
8 Do not just think property
Historically bridging loans were used on property acquisitions. Uses today include lawyer recommendations while awaiting probate, or estate agents using it as a chain-breaker. The bridging finance market really has changed and now provides a reliable, transparent form of finance for a number of uses.
9 Treating customers fairly
Ensure that when you find a lender they will treat your client with complete clarity and transparency so that they know exactly the terms of the funding, what is required and how much it will cost.
10 The right project management
Bridging loans happen quickly, so it’s important that the lender has dedicated specialist solicitors with experience in dealing with this kind of finance. Bridging Finance Limited has a national network of solicitors and valuers who are familiar with what we require.
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