Larger Bridging Loans: Why Broker Representation is Essential

ukpf logo

Applying for a low-value bridging loan is a fairly simple process. Some providers are willing to lend as little as £10,000 for short-term repayment, an offer for which eligibility requirements would be fairly relaxed

At the opposite end of the scale, high-value bridging loans are not quite as easy to qualify for. Maximum loan sizes vary from one lender to the next, but often reach £10 million or more. Understandably, applicants looking to borrow sums of money like this are expected to present a far more convincing case.

The Importance of Independent Broker Support

This is where independent broker support can make all the difference. Along with providing the initial advice you need to choose an appropriate product, your lender will represent you throughout the entire application process.

Broker support can pave the way for a more competitive bridging loan, irrespective of how much or how little you are looking to borrow. Even so, broker support can be particularly helpful when applying for high-value bridging loans, for the following reasons:

  1. Greater access to providers

Many of the UK’s independent bridging finance specialists offer their services exclusively via broker introductions. This means that without independent broker support, you would not be able to access any of their products or services.  Access to a broader range of providers always paves the way for a more competitive deal, with more offers to compare from more lenders.

The more you intend to borrow, the greater the importance of keeping interest rates and borrowing costs to the bare minimum.

  • A more credible application

Bridging finance specialists in general, prefer applications that have been pre-screened by experienced brokers. Presenting an application for bridging finance via an approved broker immediately adds credibility and appeal to your case.  Particularly if it is a broker the lender has a good working relationship with, this could pave the way for preferential treatment.

Consulting with a broker prior to submitting an application to any lender directly is therefore advisable.

  • Robust supplementary evidence

Your broker will also help ensure all documentation and evidence is in place in order to support your application. Along with avoiding subsequent delays and disruptions, this will also boost the credibility of your case in the eyes of the lender.

Understandably, evidence and documentation requirements for larger bridging loans are more expensive than those of their low-value counterparts.

  • Expert negotiation skills

It is also the job of your broker to negotiate on your behalf in order to ensure you get an unbeatable deal. Negotiating competitive rates on bridging loans is what your broker does for a living, and so is the best-equipped person for the job. If there is any possibility of negotiating a lower interest rate or better overall borrowing costs, they’ll do so on your behalf.

The more knowledgeable and experienced your broker, the higher the likelihood they’ll help you secure an unbeatable deal on a bridging loan of any size.

Craig Upton

Craig Upton supports UK businesses by increasing sales growth using various marketing solutions online. Creating strategic partnerships and keen focus to detail, Craig equips websites with the right tools to rank in organic search. Craig is also the CEO of iCONQUER, a UK based SEO Firm and has been working in the digital marketing arena for many years. A trusted SEO consultant and trainer, Craig has worked with British brands such as FT.com, djkit.com, Bridging Finance, Serimax and has also supported UK doctors, solicitors and property developers to gain more exposure online. Craig has gained a wealth of knowledge using Google and is committed to creating new opportunities and partnerships.