If you are considering taking out a bridging loan, you’ll probably have two important priorities in mind. Along with gaining access to the best bridging loan rates, you’ll also want to get your hands on the funds as quickly and easily as possible.
You’ll also need to decide between the two ways of accessing a bridging loan in the United Kingdom. One being to approach a lender directly, the other being to work with a bridging broker.
Determining your requirements and assessing how much you can afford is the first step in the process. A bridging loan repayment calculator is a useful tool for establishing your budget. After which, it’s a case of considering the pros and cons of the broker vs. lender approach.
More specifically, the various reasons why working with a bridging broker could be best for your needs. Examples of which include the following:
1. A Broker Can Save You Money
Perhaps most importantly of all, an independent broker can guarantee access to the lowest bridging loan rates on the market. When you take your business directly to a lender, you’re restricted to their current portfolio of products and services. When you work with a broker, you gain access to hundreds of deals from dozens of specialist lenders across the UK. The more options you consider, the easier it becomes to find an unbeatable deal to suit your requirements and your budget.
2. Brokers Are Uniquely Flexible
Bridging brokers work with a uniquely diverse pool of clients from all backgrounds. No two cases are the same, calling for comprehensive flexibility and adaptability. When you work with a broker, your ideal loan is tailored to meet your requirements and your budget – never the other way around. Again, it’s a case of gaining access to the largest possible network of lenders and bridging products in the UK, making it easier to pinpoint your perfect deal.
3. Brokers Make Life So Much Easier
If you wish to do so, you can always scour the market in its entirety for your perfect loan manually. Nevertheless, it makes far more sense to have a team of trained professionals do the legwork on your behalf. Brokers take responsibility of the market comparison and loan-rate negotiating process on behalf of their customers. All you need to do is tell them what you need and let them handle the rest. Far easier than attempting to take care of things manually.
4. Brokers Can Speed Things Up
Assuming you need to get your hands on your bridging loan as quickly as possible, you need to avoid any lenders that needlessly complicate matters. Unless you’re familiar with the bridging loans market in its entirety, you may not know where to start. By contrast, take your business to a broker and they can exclusively approach the fastest and most dynamic bridging lenders on your behalf. Work with an established broker and you could gain access to the funds you need as quickly as three working days after submitting your application.
5. Independent Advice and Consultancy
You can’t always rely on an individual lender to tell it like it is. After all, they’ll tell you anything and everything you want to hear to sell you one of their products. With an independent broker, it’s a little different. No brand ties, no affiliations and nothing to gain by telling anything but the whole truth and nothing but the truth. If you need independent advice and consultancy, you need an independent broker in your corner.
6. All Specialist Cases Considered
Last but not least, a broker represents the perfect port of call if your case is somewhat on the ‘specialist’ side of the equation. For example, if you’re looking to take out a bridging loan with poor credit and no current proof of income, a broker could help you find the more flexible and accommodating lenders on the market. Far better than wasting your time on lenders who won’t give your application fair consideration.
Article by iConquer