When Experienced Brokers, Lenders and Solicitors Collaborate Effectively, They Can Get Things Done in a Timely Way. Here’s Our Essential Advice on How to Arrange a Fast Bridging Loan That Fulfils Client’s Requirements, through Effective Communication.
Apex Bridging is the UK’s leading provider of short-term bridging loans. We’re constantly collaborating with solicitors, brokers and specialists to ensure the best possible terms and fastest fund release dates for clients. Recent research conducted by Apex revealed effective communication is the biggest differentiator between positive lending outcomes and failed loan applications. Here’s our essential advice for brokers on how to ensure things go smoothly when dealing with bridge loan companies.
Anticipate and Mitigate the Top 5 Reasons for Loan Delays
According to the results of the 2019 Apex Broker Survey, the most common reason for a bridging loan lender to delay funding is if the client’s solicitor is too slow to respond to enquiries. Over 80% of respondents felt solicitor speed was the major factor that caused loans to fail or stall. Apex anticipates and mitigates this issue by only working with carefully chosen legal partners, who we have a very positive working relationship with and know respond quickly to enquiries.
Other major reasons bridge loan companies delay funding release include waiting for collated client information from the broker. Needing to jump through many hoops when reviewing whether or not to approve loans and slow communications from the client also delay funding. Brokers can play a big part in lessening these delays by ensuring all relevant client information is passed on promptly. They must also keep a clear channel of communication open between the client and the lender. Apex have invested in a new CRM, which will allow brokers and borrowers to upload documents by Text, or Email, directly into our worklist.
Certain other factors can also delay loan approvals, in particular, the valuation process. Many brokers find commercial valuations are the biggest sticking point, due to the necessity of waiting for a surveyor to complete their property assessment. This part of the process is frustrating but can best be managed by staying in touch with the surveyor and chasing up any delays as soon as possible.
Another reason for bridging loan delays is solicitors can submit many enquiries that require considerable research on the part of the client or their legal team. This delay is unavoidable on the part of the broker. But constant and clear communication between the broker, lender and solicitor will help things move along as quickly as possible.
When it comes to successfully arranging short term bridging loans, speed is crucial. Brokers, solicitors and underwriters should maintain open channels of communication, so everyone involved can make quick decisions based on transparency and collaboration. Providing client information on time, assisting with solicitor enquiries wherever possible and being flexible will help lenders to deliver when they say they will, without moving the goalposts.
Better Bridging Rates and Faster Lending
Apex Bridging is the UK’s leading provider of short-term bridging loans, supplying brokers and their clients with the best possible loan terms for years. Contact us now to discuss the right financing solution for your client, on 01509 345 007.