Some bridging lenders have launched mobile apps that are claimed to make the raising of finance easier, but many bridging finance experts believe that apps will not replace face to face and phone consultations. The apps are designed to make the process of applying for a loan and providing the necessary documentation easier. They can also, it is claimed, provide customer service. Communications by phone and face to face are the primary ways that people start the bridging finance application process. Paul Wertheim of Mint Bridging says that his company has considered using an app, but currently there is not a large demand for this facility from bridging loan brokers. Liam Cavanagh of Ashley Finance said:
“In addition to our digital investment, we know our customers still value a human, personal service on the phone and face to face. “This is unlikely to ever be replaced by a ‘self-serve’ app – and we would never want it to be.”
Sinead Moynihan of Mint Bridging said that they prefer to talk to brokers and are able to read “between the lines” in order to complete a loan. She believes that if apps try to assess loans they will miss opportunities that a face or face or phone conversation will find. The feeling amongst finance experts is that apps will be complementary to offline services. Bridging loans can be complex and apps cannot make informed decisions about the risks of individual loans, so are unlikely to replace a bridging finance broker.
