Applying for a bridging loan means first deciding whether to take your business directly to the lender or to involve a specialist broker. Both options have their unique points of appeal, though independent broker support can be advantageous in many ways.
Irrespective of your requirements for bridging finance, most experts strongly recommend consulting a broker before applying. Here are just a few of the reasons why broker support is essential, as part of the bridging finance application process:
It Can Save You Money
Perhaps the biggest benefit of all is the potential for an independent broker to save you money. Along with comparing and contrasting deals from specialist lenders across the UK, an established broker can also negotiate on your behalf. They will also know which lenders to approach and which to avoid, in accordance with your requirements and your financial circumstances.
It Can Help You Assess Suitability
Applying for financial products like bridging loans without first considering eligibility, suitability, and the alternative options available is inadvisable. Prior to progressing your application to the next stage, an independent broker can help you assess your situation and ensure you are making the right decision. If there are alternative funding options available that may better-suit your requirements, they will inform you as such and assist with your application.
It Will Save You Time and Stress
Bridging finance applications can be relatively straightforward, assuming you know what you are doing and have all the supporting documentation you need. That said, the process of comparing the market in its entirety and approaching multiple lenders can be exceptionally time-consuming. This is where broker support can prove invaluable, enabling you to fast-track your application and access the funds you need as quickly as possible.
It Provides Access to Independent Advice
For obvious reasons, you cannot always count on individual banks and lenders to be 100% correct with their advice and recommendations. After all, they are unlikely to know or tell you there are better deals to be found elsewhere and to send you to their competitors. An established independent broker will have no direct brand ties or exclusive affiliations and can be counted on to provide you with the honest and objective advice you need to make the right decision.
It Costs Nothing
Depending on the case, some brokers take commissions solely from lenders on successful completion, not from the applicants themselves. This means there is nothing to pay for the services your broker provides, despite their capacity to save you a significant amount of time and money on your loan. Just be sure to check the broker’s payment policies, before signing up.
Whether you are forward planning or in need of assistance with an urgent bridging finance application, we are standing by to take your call. Contact a member of the team at UK Bridging Loans anytime to discuss your requirements in more detail.