77% of brokers say bridging finance is a useful financial tool
The most recent MTF broker sentiment survey has revealed 77% of brokers perceive bridging finance as a useful financial tool.
Of the 23% who saw bridging finance as a last resort, 22% said they were either ‘not familiar’ or ‘somewhat familiar’ with bridging finance and the range of options available.
It’s positive to see the majority of brokers no longer see bridging finance as ‘the lending of last resort’, said Joshua Elash, director of MTF.
“Bridging finance has a place in most broker portfolios as a viable financial tool. Bridging finance can present a real solution, especially when finance is required in a short period of time, until traditional forms of lending are in place. There still remains, however, a percentage of brokers who are not familiar with, misunderstand or harbour negative misconceptions about bridging finance.
“The bridging finance sector is in many ways unrecognisable to the sector which existed before 2007. The industry has never been in better shape with a solid spread of reputable lenders each offering distinct service and product propositions.
“An equally positive development in the bridging finance market has been the emergence of a number of highly professional dedicated packagers operating in this space. For any broker not familiar with bridging but confronted with a bridging finance case, the benefits of using such a packager are significant. They know the market, have outstanding relationships with the main lenders, and the transparency and professionalism on offer is higher than at any point in the industry’s history.
“In an ever increasing professional and price competitive market, gone should be the days of poor service and expensive loans. A broker has never been more spoilt for choice.”
Key points of the MTF Broker Sentiment Survey:
– 78% of the 190 respondents expected an increase in their bridging business volumes over the next year
– Interest rates and quality of service most important to brokers when choosing a bridging lender
– Majority of brokers think lenders could improve by being more flexible around the fringes of their criteria
– 39% of brokers believe the conservative Government introducing a different economic agenda would be the biggest threat to the UK’s economic recovery.
MTF Broker Sentiment Survey Q2 2015 Results
The winner of the £100 Amazon vouchers was Phil Moore from Touchstone Corporate Ltd. Thank you to all who took the time to complete the survey.