Bridging loans: how are we different to other lenders?
Published by West One on 18th December 2019 -
From first-time home buyers through to seasoned buy-to-let investors, borrowers of all shapes have very similar expectations of their brokers: they want to navigate the lending market, pinpoint the best deals, and access funds with a minimum of hassle.
For many of these clients, time is most definitely of the essence. Running alongside the desire to find the best long-term mortgage arrangement, there’s often an additional, more urgent concern: the need to “bridge” a temporary funding gap, to ensure that deals stay on track — and
This is where bridging finance can come to your aid. Flexible, versatile and quick to put into place, with a comprehensive range of bridging loan options at your fingertips, you are much better equipped to solve the many short-term finance problems that can affect a diverse client base.
We’ve not achieved this without standing out from the crowd. To get a better sense of how we approach lending, here’s a closer look at how we work — and at how brokers can make the most of our services to better meet the needs of their clients.
Loan applications: the essentials
For any broker exploring this area for the first time, two key features of the bridging loan landscape
For conversion, your client’s exit strategy is crucial. As we’ll see, West One prides itself on considering each application on its merits. Your job is to ensure your client has a reasonable, considered and realistic plan for redemption; something that invariably entails either resale or refinancing in the form of a mortgage.
Bridging finance: core to our business
Since then, bridging loans have grown — with non-specialist, traditional lenders diversifying into these products,
West One is already well-established in this area. We’ve been around since bridging finance first started to grow in popularity. So, when customers apply to West One, they can be sure of a highly responsive service, backed up by a thorough understanding of borrowers’ needs and circumstances.
A commitment to understanding the market
We’re the company responsible for the West One Bridging Index, a regularly updated overview and commentary on the state of the UK bridging market. Frequently cited across the industry press as a leading authority, our index aims to promote
More broadly, the index is part of our commitment to understanding the needs of customers. It helps ensure that our approach to lending meets the ‘on the ground’ issues faced by brokers and their clients.
each and every application on its merits
Many of your clients may have already been at the sharp end of the
Shaped by our market knowledge, we
Where a client approaches you with a short-term financing issue, this is a prime opportunity to provide a value-added service. They could be developers waiting for planning approval, landlords juggling large portfolios, or a property professional wanting to purchase a property at auction.
Find out more
If you’re interested in learning more about how bridging loans could help, or about West One's approach to bridging loans, contact us today.