Why you should work with a bridging loan broker

people working with a bridging broker to find a bridging loan
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    If you are looking for a short-term finance solution to bridge the gap between selling an existing property and buying a new one, then you may benefit from a bridging loan.

    However, navigating the complex world of bridging loans and development finance can be overwhelming, with many factors to consider, including securing finance, terms and conditions, and how to find the best lenders.

    This is where having a bridging loan broker can save time and cost.

    You should consider working with a bridging loan broker if you are looking to secure a quick finance solution when selling a current property and buying a new one. They are a great finance solution for many projects but can be particularly handy for commercial property investors.

    If you’re wondering what the benefits are of working with a bridging loan broker and how they can help you find the best bridging loan for your specific needs, then keep reading.

    What is a bridging loan broker?

    If you’re new to bridging finance, then you may not be familiar with what a bridging loan broker is, let alone the overall process. A bridging loan broker is an experienced professional who can help clients secure the most suitable bridging loans for their specific needs.

    A reputable broker brings client-focused industry knowledge to the table when it comes to helping you obtain a short-term loan. They stay up-to-date on the latest market trends, lender requirements, and regulatory changes, allowing them to provide you with in-depth knowledge and expert advice.

    With this in mind, a broker will recommend the most suitable bridging loan products for you, considering factors such as your interest rate, repayment terms, loan-to-value (LTV) ratio, and exit routes. They will help you choose a loan that aligns with your current financial situation and future goals, ensuring you are well-equipped to handle the loan repayments comfortably and get the best deal.

    At One Commercial Loans, we have over 100 years of property experience. So, if you are looking to get a good deal on your bridging loan, then speak to a member of the team today!

    Our team will ensure that you have all the necessary documentation and assist you in completing a fully tailored application accurately and efficiently. You’ll have more time to focus on your new venture while we focus on finding you the right lender.

    Are there specialist brokers for bridging loans?

    The short answer is yes!

    A specialist broker will have established relationships with different lenders and understand their requirements. This means they can anticipate any potential issues or concerns that may arise during the application process and address them proactively, increasing the likelihood of successful loan approval.

    For instance, if you have a specific requirement or a complex situation, such as adverse credit history or are self-employed, a bridging loan broker can connect you with finance lenders who specialise in these areas.

    They have inside knowledge of other lenders who are more flexible when it comes to credit scores or unique financing scenarios, giving you access to alternative options that you may not have discovered on your own.

    What are the advantages of using a bridging loan broker?

    A good bridging loan broker will take the time to understand your unique circumstances and financial goals. They will guide you through the entire borrowing process, explaining the various loan options and helping you understand the terms and conditions, lender fees and interest payments.

    The broker will also assess your eligibility and advise you on the type of loan that best suits your needs, walking you through the bridging loan application and providing you with trustworthy, independent advice.

    Bridging loans are often unregulated loans, and few lenders have the correct knowledge to advise clients. A specialist broker will look at the most suitable financing options and match these with individual client circumstances.

    Personal approach

    Every borrower’s financial situation and borrowing requirements are unique. This is why working with a bridging loan broker will help you find the best deal that is specifically tailored to your needs.

    They will assess your financial circumstances, the value of the property you are purchasing, and the expected sale price of your existing property.

    In-depth market knowledge

    One of the significant advantages of working with a bridging loan broker is their extensive network of lenders. Brokers have established relationships with multiple lenders, including banks, private lenders, and specialist bridging loan providers.

    A good broker can connect you with a wide range of loan options and assist in finding you the most competitive terms and rates available. Brokers can save you time and effort in researching and approaching lenders individually.

    They will analyse your specific requirements and match you with the lenders who are most likely to approve your loan application, increasing your chances of securing the financing you need.

    Since bridging loan brokers are the industry experts, most regulated bridging loan lenders will only accept applications from the brokers themselves rather than the borrower. So, having a good broker with great market knowledge will be beneficial for finding the best deal.

    Saving you time

    Applying for a bridging loan can be a time-consuming process with many factors to consider. You’ll need to research different lenders, fill out multiple application forms, provide various documents, and communicate with lenders to negotiate terms. A bridging loan broker can help streamline the process and save you valuable time.

    They will handle the research, paperwork, and communication with lenders, allowing you to focus on other aspects of your property transaction. They have the experience and knowledge to navigate the bridging loan application process efficiently, ensuring your application is completed accurately and promptly.

    A broker can save you time finding the right lender and help speed up the loan approval process due to their established relationships with lenders.

    Saving you money

    Working with a bridging loan broker does not necessarily mean additional costs for borrowers – in fact, you may even save more money.

    Most brokers work on a commission basis, receiving payment from the lender once the bridging finance deal is approved. This means that their services are typically free for borrowers as the lender compensates them.

    By working with a bridging loan broker, you gain access to their expertise and extensive lender network at no additional cost. Plus, they are committed to finding the most cost-effective solution that meets your needs while ensuring you receive competitive rates and terms. This can result in significant cost savings over the life of the loan.

    Get support with your bridging finance today!

    In conclusion, working with an experienced broker can offer numerous advantages for people looking for short-term loans. They provide access to a wide range of bridging lenders, offer expert guidance, communicate with the bridging lender on your behalf and, ultimately, find you the best deal.

    These are just a few reasons why working with a finance broker can benefit you.

    One Commercial Loans are well-versed in the market and will help you create a well-tailored application. We will tailor loan solutions to your specific requirements – saving you time and effort!

    We’ll help you navigate the complex world of bridging loans with confidence, ensuring that you secure the most suitable loan for your needs.

    Get in touch today to find out how we can help you find the best lender!

    For more information on bridging loans, or if you are looking for a specific property refurbishment bridging loan, then take a look at our blog post to learn more.

    Mark Piper
    Mark Piper

    Mark is the senior advisor at One Commercial Loans and has a wealth of experience in bridging and property finance.

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