Though you can approach a bridging finance lender directly, there are several advantages of using a bridging finance broker. Here are the six top reasons for using one:
1. Save money
A broker will try and find the best rate possible for your bridging loan. Bridging loans are assessed case by case, and there is often room for negotiation on interest rates and conditions. A bridging finance broker is your ally and will be an expert negotiator. They could save you money.
2. Dealing with a changing market
There is fierce competition between bridging loan lenders. The best rate from one lender today may not be the best rate tomorrow, and the ways in which bridging loans are used is expanding. Specialist lenders are entering the market, dealing with such situations as buying property at auction, paying unexpected tax bills, or developing newbuild projects.
A bridging finance broker keeps up with the changes in the market and is particularly useful in matching a complex loan need with the best lender.
3. Dealing with the paperwork
In order to minimise their loan risks, many bridging lenders require a lot of paperwork. The need to examine the borrower carefully and every detail of the deal for which the money is needed. Property used as security needs to be valued and there is legal work that needs doing.
A broker can guide you through the paperwork, and check the details. Using a broker can mean that the paperwork takes less time.
4. Organising time
If you want a loan to be completed quickly, you are faced with a large organisation task. For everything to run smoothly, there is a lot to keep track of. Several people are involved from the initial loan application to when the money is available. If someone delays or documents go missing, this can slow down the process.
A bridging finance broker can keep track of everything for you. They can help the loan process go smoothly and deal with any delays.
5. Stress reduction
Arranging a bridging loan can be stressful, especially if a deal is time sensitive and could fail if a loan is not processed in time.
A broker will help you deal with deadlines and make the whole process easier, and less stressful. They may also be able to cater to your specific circumstances, such as self-employment or bad credit.
6. Independent advice
A broker provides independent and unbiased advice. They act in your best interest when negotiating a bridging loan deal. If you approach a bridging lender directly, the advice that they give you may be biased.
Talk to Ascot
These are just six reasons why it pays to use a bridging finance broker. Bridging finance can be complex, so it pays to have an expert broker on your side.
For further advice, talk to a specialist bridging finance advisor at Ascot Mortgages. They can help you find the best loan. After you have accepted a loan offer, Ascot will guide you through the bridging loan application process to make it as painless as possible.