Why Is It Important To Hire a Bridging Finance Broker?
Hiring a professional loan broker can make the funding process a lot easier because the products are inherently complex and all lenders are not very well known. Plus it is a free service to the borrowers (conditions apply).
You have probably heard that the best time to apply for a business loan is when you are not in a hurry. But unless you happen to be Warren Buffett, most of us aren’t that forward-looking. So as a property developer, you may find yourself in the unfortunate situation of needing funding urgently for your project and there may be a problem arising and you not being able to get one despite your efforts.
In such a scenario, you may want to consider the help of a bridging finance broker.
Benefits of Hiring a Professional Finance Broker
- Some bridging lenders will only deal with brokers and not direct with customers. Therefore, working with a trusted broker means that you will have access to a wider range of lenders.
- Bridging can be difficult and potentially confusing for someone without previous experience. A broker can explain all of the terms which can affect a bridging loan and ensure that your application will be processed.
- An experienced broker can negotiate on your behalf with lenders to get you the best rates and charges. If the lender has repeat business from a broker, they are more likely to give more favourable terms than they would to you as their customer
- A broker can present your application in the best way to lenders and make sure that you have supplied all of the information that will be needed. They can also help to explain any drawbacks that a lender may recognize in your application. This can avoid you being turned down by lenders, which not only wastes your time but will have to be disclosed to any future lenders that you approach.
- You can get on with your life at the same time as your broker does the leg work, chasing up the various elements such as valuations and legal, etc. This will save you time and stress.
- Knowing that you have received independent advice is key. A professional broker will have a wide knowledge of the products available in the market and will negotiate hard on your behalf to make sure that you find the right deal to suit your project.
All in All
If you are short of time, confused about the loan application process, or don’t have the slightest clue where to start from or who to approach, hiring a business loan broker can be a convenient option as they will take care of the entire application process. The Finspace team are professional in their work. Working with us, you will feel comfortable and informed. We have completed hundreds of bridging loan cases, and you will see the advantage of all that experience.
We have an excellent relationship with lenders, which means we know the market.