Bridging loans are often needed quickly. For someone using this to purchase a home, they may only have a short time to complete the purchase. A standard mortgage takes too long to arrange, so a bridging loan can be used until mortgage funds are available. Many bridging loans are complex and need careful diligence by lenders to make sure every part of the process is done accurately. Loan applications are usually assessed individually, and not using a form where all boxes must be ticked to be accepted. Lenders need skilled underwriters to assess applications and make sure that the loan deal is minimal risk. The best lenders have highly skilled people to make decisions on bridging loan applications, then check that the legal work and documents to support the application are checked thoroughly and quickly. It can be possible to arrange a bridging loan within 48 hours. This takes expert staff working for the lender and a legal team familiar with bridging loans who can also work swiftly and accurately. Solicitors unfamiliar with short term loans can slow down the process. There are advantages to using a bridging finance broker to arrange a loan. As well as arranging finance they can keep an eye on the loan process to make sure there are no delays. If a deal is time sensitive, a bridging finance broker will know the best lenders with the specialist skills to process loans quickly and without the errors that can hold up the process.
May 10, 2022
