Brokers want quick decisions about bridging loan applications, and this can be helped by having direct access to a lender’s decision makers.
A recent event organised by the Association of Short Term Lenders (ASTL) which represents
alternative lenders and the Financial Intermediary & Broker Association (FIBA), which represents brokers, discussed how the lending process could be simplified.
One key point raised by brokers was the need to gain direct access to decision makers. Brokers want the lending process to be simple and straightforward and part of this is to have quick clear decisions about loan applications. Brokers say that if there is a delay they could lose their client’s business.
Brokers said that they prefer to deal with lenders who allow easy access to key decision makers. Small lenders are often preferred as they operate with small teams that are easier to communicate with. Brokers prefer to speak to one person throughout the loan application process rather than different people at various times. Brokers feel that talking to several people can slow up the loan process.
A quick loan decision, whether it is a yes or a no, is ideal for brokers. If a borrower is turned down by one lender, the broker may be able to find another one. A quick no decision can mean that brokers can soon contact other lenders.
Bridging brokers want the bridging finance process to be smooth, fast and straightforward to make it easier for their clients to access short-term finance.