Brokers say speed is the key for bridging finance

The detailed survey, of 200 UK-based brokers, sought to highlight the five most important lender attributes brokers look out for when seeking to arrange short-term property finance on behalf of their clients.

Second to the ability of lenders to meet tight deadlines, the survey found, is strength of relationship with the lender: brokers place a huge amount of value on a personalised, rather than transactional, service and prefer to work with lenders they know and trust.

The third strongest lender attribute for brokers is strong communication lines. Being kept in the loop at all times about the progress of an application is key, as it enables brokers in turn to keep their clients up-to-speed, thereby improving their own value proposition and service.

The fourth most important lender attribute for brokers, according to the survey, is flexibility, specifically the ability of lenders to proactively overcome any obstacles that may arise during the application process. Brokers value lenders that do not operate on fixed tramlines but which are able to look at each deal on a case-by-case basis — and adapt to the client’s requirements where necessary.

The fifth strongest attribute a lender can have, brokers said, is competitive rates. While brokers recognise that bridging is more expensive than traditional term finance, they still value securing low rates, which improves their reputation with clients.

Interestingly, commission came out as the lowest broker priority in the survey. While getting paid is certainly not unimportant, for brokers it’s far more important to get the deal done, as this will more likely lead to repeat business from clients.

Mark Posniak, Head of Sales & Marketing, Dragonfly Property Finance, commented:

“While getting money to their clients quickly is critical for brokers, the need for lenders to offer a personalised and transparent service that keeps them in the loop throughout is also key. What came across very strongly in our survey is the value brokers place on their relationship with lenders, as this provides reassurance in what can be a fast-paced and complex environment. Flexibility is also seen as vital, and brokers clearly gravitate towards lenders that are able to adapt to their requirements and which actively listen to them. It came as no surprise that brokers consider ongoing client relationships and their own reputation to be more important than one-off commissions. Being able to add value for clients through quick turnaround times and low rates adds far more value to their businesses in the long term.”