Knowledge Bank is a resource for brokers to find out which lenders will accept a client’s borrowing requirements.
Recent announcements confirm that Knowledge Bank has added commercial and bridging lenders to its database. This adds to the existing data on residential mortgages, self-build, buy to let, second charge, equity release and overseas mortgages.
The challenge for bridging finance brokers is to find bridging loans that match their client’s requirements. This is easier for standard bridging loans such as ones used to break house buying chains. Bridging loans are being used for an increasing wide range of uses. Some bridging loans are complex and require specialist lenders. With a large number of lending criteria, it is sometimes difficult and time-consuming to match a borrower’s needs with a lender.
Knowledge Bank has completed trials of the new commercial and bridging data and are about to release the information to all of their subscribers.
CEO of Knowledge Bank, Nicola Firth said:
“Adding these two new loan types is an exciting development for Knowledge Bank and follows a period of working closely with providers in these sectors to understand and unmask criteria complexities and conditions so that brokers don’t have to.”
A good bridging finance broker is expert at finding the best loan deals for borrowers, but anything that can save time in this process is welcome. Knowledge Bank could help brokers narrow down their choice of lenders and help them find a lender prepared to offer a loan.