While Many Bridging Lenders Can Take up to Forty Days to Release Funds, Apex Bridging Completes Many Short-Term Bridging Loan Requests within Just Seven Days! That’s Plenty of Time to Get Your Property Finance Sorted before Christmas. Here’s How to Keep Things on Track for a Quick Completion.
1. Work with a Broker to Get Your Bridging Loan Agreed
Brokers are specialist finance professionals who provide an intermediary service between borrower and lender. They are highly experienced in ensuring clients benefit from the best possible loan terms and the quickest possible payout. They receive a small commission based on the total loan amount provided.
The benefits of working with a broker on securing your bridging loan are many, and include:
- Faster Service — brokers eliminate unnecessary delays in the agreement of terms and the checking of conditions, meaning your loan finances are released promptly
- More Borrowing Options — a broker can speak on your behalf to potential lenders and secure you a loan that might not have been possible had you approach them on your own — perhaps due to poor credit or a lack of financial history
- Clearer Communication — brokers provide a clear channel of communication between client and lender, by bridging the gap and chasing updates
- Better Terms — a broker can ensure that you are benefiting from the best possible interest rates, repayment terms and LTV (loan-to-value) ratio when taking out a bridging loan
2. Select a Solicitor Who Works Well with Your Broker and Bridging Loan Provider
In our recent 2019 Apex Broker Survey, over 80 per cent of brokers reported the speed of their client’s solicitor was the single biggest reason for bridging loan delays. That’s why many bridging loan providers — Apex Bridging included — will have a list of approved solicitors who they partner with frequently to expedite the loan process for clients. Ask your broker or bridging loan provider to recommend a solicitor, so they can work together on your behalf and ensure minimal funding delays.
3. Ensure Your Bridging Loan Company Offers Fast Enough Finance
The average time taken for bridging loan companies to complete funding requests has risen to forty days or longer — despite the Financial Reporter finding 44% of short-term borrowers prioritise speed over rates. This is far too long for clients in need of immediate financing and can cause issues like a property chain falling through or a home refurbishment project being put on indefinite hold.
Apex Bridging is unlike many bridging finance firms. We have spent over many years optimising our offering and streamlining our processes so we can offer quick bridging loans with reasonable terms.
Many of our short-term bridging loans are secured and funding released within seven days of application. This is significantly faster than the industry average and gives you plenty of time to apply for your bridging loan before Christmas!
4. Respond to Information Requests Promptly
Even the most proactive and effective of short-term loan brokers can not ensure your application completes quickly if they do not have the proper documentation. Stay in touch with your broker and make sure you immediately reply to their requests for information wherever possible. Or, you might inadvertently cause a delay that throws your plans off course.
5. Be Upfront, Honest and Transparent
One of the most important things to brokers is honesty and transparency from all parties. If you know of any reason your loan request might be held up, or you are aware of a vital piece of information you need to find — don’t put off dealing with the issue and wait for your broker to raise it. The more upfront and honest you are about potential problems with your bridging loan request, the easier it will be to iron out any issues and secure you the fast funding you need.
Apex is always looking for reasons to approve funding, rather than reasons to deny it. We apply a positive lending approach when dealing with brokers and their clients. If you request a bridging loan from us, we’ll do everything within our power to give it to you. Let us help you achieve your property ambitions, and take the stress out of short-term finance.
Get a Bridging Loan before Christmas
Apex Bridging is one of the UK’s leading providers of short-term bridging loans, supplying brokers and their clients with the best possible loan terms for many years. Contact us now to discuss the right financing solution for your client, on 01509 345 007.