Comment
Bridging is an essential part of brokers’ toolkit
Working out which company to approach can take time but options are available
by mike lawton, mortgage director, John Charcol
I was delighted to be asked to contribute to the inaugural Bridging Introducer magazine, which seemed straightforward at first and then panic set in as the deadline date for submission approached. trying to work out what to write reminded me of working on behalf of a client who needs a financial solution yesterday – don’t they all - and how the lenders in the bridging community can assist the broker in obtaining the essential funds needed, quickly and efficiently to meet a client’s deadline. that said, how on earth do you
know which company to approach or work with? After all aren’t we all inundated with generic emails promoting the best products, service and terms, without really knowing which one you should use or recommend? i believe that the Bridging Introducer can really assist the broker community in this regard and welcome the launch of this new magazine. over the last few years the mortgage market has changed dramatically, with the exception that the uK base rate has again been held at 0.5% and i personally believe that this is likely to be the case well into the spring of 2012.
16 bridging introducer july 2011
the biggest change in the mortgage sector has been the growth of the bridging sector and finding the most cost effective financial solution for a client and sometimes the cheapest mortgage rate, isn’t the best overall financial solution. brokers should consider the interest rate, the product fee, valuation fee, lender legal fees, penalty clauses (if any) and with bridging, rebates of interest of the loan is paid off early. My personal experience has been refreshing and i have now dealt with several bridging funders who have been professional, understanding, educational and keen to assist.
Out Of the CrysallIs For example, drawbridge Finance (now dragonfly) launched into the market in early 2010 with a bang and just prior, i was introduced to Jonathan Samuels and his team. i was delighted by what i found – these were like minded people who were well funded and wanted to lend to the right people on the right property. We managed to place and secure a £17 million loan facility for one of my clients in an amazing timeframe, where the entire team supported me and the client in getting the case through to completion within a few weeks – we were highly impressed and our company thrilled on receipt of the proc fee within hours of the completion date. Since then, we have placed cases as little as £50,000 with the team but
the experience has always been the same, a first class service and honest in the way they treat you and your client. drawbridge quite rightly won
many accolades and admirers in 2010, the competition has taken note and yet have they sat on their laurels? of course not. After rebranding to dragonfly, they’ve spread their wings that include lending solutions for bridging, buy-to-let, second charges and development finance. if only the high street banks could be as innovative and fast.
Warm WelCOme i was delighted that Stephen nicholas at tiuta recently took up a front line role again as he looks to regain back the number one spot from dragonfly. tiuta is pro-active, experienced and another lender willing to go the extra mile to assist a quality broker in getting cases placed and through to completion quickly and efficiently. it had a record month in May
and June could be even better and the healthy competition is good for everyone, particularly the client with more competitive rates and conditions.
KnOW yOur ClIent i would also recommend caution to any broker who wants to work with the bridging community to ensure that you place quality business and build long-term fruitful relationships.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40