As the UK’s Leading Provider of Specialist Bridging Loans, Apex Regularly Collaborate with Brokers to Ensure Clients Benefit from the Best Short Term Financing Solutions. Here Are Our Top Five Tips on Working Well Together for Better Client Results.
Over the past 6 years, Apex Bridging has been working closely with brokers to ensure the best possible bridging loan terms for clients. Recently we surveyed our brokers to understand what was most important to them about improving communications and ensuring successful outcomes for clients.
The 2019 Apex Broker Survey revealed five ways bridging loan providers and brokers could improve communications when working together.
1. Schedule Regular Catch Ups between Brokers and Underwriters
It’s good to talk. Brokers appreciate regular catch-ups with underwriters so they can stay on top of developments in their client’s loan application — and keep their clients apprised of any changes. If a regularly scheduled catch up is too time-consuming, a weekly email informing all parties of updates can be equally useful to brokers.
2. Avoid Last Minute Changes to Loan Terms
According to Mortgage Strategy, bridging loans are becoming an ever more popular option for consumers. As the market grows, loan terms change and more brokers are becoming frustrated by mid-process turnarounds. Last-minute changes to bridging loan terms undermine lender credibility and negatively impact on broker and client relationships. That’s why Apex Bridging underwrites the security at AIP stage, avoiding surprises and ensuring we don’t waste broker or client time.
3. Ensure Quick Completions
Some bridging loans can take over forty days to complete. This is too long for most lenders who are trying to secure short-term finance so they can purchase a property. Apex works directly with solicitors, valuers and partners to streamline processes and timelines, ensuring quick bridging loan completions wherever possible.
4. Be Upfront and Honest at All Times
Brokers have told us they are often frustrated by lenders who don’t do what they say they will do when they say they’ll do it. They are also frustrated by inflexible lenders who are vague about details. Apex takes the time to understand broker requirements and keep our brokers informed at every step of the process. We are always upfront about our decisions when it comes to client loans, and will always try to find a suitable solution for each circumstance.
5. Be Fast and Responsive
Many brokers have told us that lenders can be slow to respond, make decisions and communicate. Apex Bridging introduces new systems wherever necessary. We continue to grow our team so we can collaborate closely and communicate well with all brokers, stakeholders and partners at all times.
Faster Bridging Loans with Better Terms
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 to discuss the right financing solution for your client, on 01509 345 007.