Top Ten Tips...
Each week, specialist bridging distributor First 4 Bridging will provide a top tip in order to faciliate the relationship between broker and packager.
To discuss any of the tips further or to find out more about working with a bridging finance expert, contact Yousouf Roze, Director at First 4 Bridging, directly on 0844 500 7777.
Tip 10: Christmas cracker
Friday 9th December 2011With the New Year lurking just around the corner, the Christmas break is always a good opportunity to review how your business has performed over the last 12 months and set out a plan as to how you want to move it forward during the next 12 months. Making life easier, more efficient and more profitable is always at the top of my Christmas list of objectives. Time is a precious commodity and something that we all wish we could have more of. It’s a fact of life that we aren’t always able to do everything that we would like and it’s important that we have people around us that we trust and can share this load with, whether that is staff or other business connections and partnerships. Being able to sub-contract a chunk of this workload can be a huge relief and give you the time to be able to focus on other areas of your business. One partnership that can be of particular benefit is the appointment of a specialist packager to look after your bridging loan enquiries. These can often be complicated cases to place and if this is not something that you do on a regular basis, trying to...
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Tip 9: Exit stage left
Friday 2nd December 2011One element of a bridging loan enquiry that is often overlooked is the exit strategy for the client. It is equally important to have a viable exit route as it is to be able to find a lender willing to take on the case in the first instance. In fact more and more now, lenders will ask the question regarding the exit route and some will even ask for evidence of this or at least want to know which lenders the broker has in mind, if a remortgage is indeed the route out. If the exit is the sale of the property then this is a different issue, and again some lenders will want to see evidence that the property is being marketed through an agent. Of course, this is not the case in all instances but it’s important to be aware of how each lender views the importance of this kind of evidence. This is where a good specialist packager can advise and guide you. Dealing with a variety of lenders on a daily basis gives them market knowledge that most brokers won’t have. Also, they are constantly aware of any changes in how these lenders will approach this issue, so working with...
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Tip 8: Spoiled for choice
Friday 18th November 2011This week I want to highlight the fact that there are more and more new lenders entering the bridging market place. Now, from a broker and client perspective this can only be a good thing. A good thing, as this presents us with more choice and hopefully with it a wider variety of product offerings, and at the end of the day that can only be good for the client. With the market becoming more populated with lenders, it’s important for those existing lenders not to get left behind and lose ground. Therefore, as the market becomes more competitive, it’s not unusual to see keener rates and products emerge to capture a larger slice of that market. But with all that choice, comes confusion. How do you know who’s offering what and where can the best deals and products be found for any given client scenario? This can be a problem, and if bridging finance is not something that you have to deal with very often then the choice can initially seem quite daunting. But fear not as help is at hand. Find yourself a knowledgeable specialist packager and with their guidance you will quickly see the advantages of utilising their services. Someone who...
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Tip 7: Product Knowledge
Friday 4th November 2011It may sound obvious, but it’s always a good idea to make sure that your product knowledge is up to date. You never know when you might come across a client or be presented with a client scenario that suddenly inspires you to find a solution that would benefit from bridging finance. Having knowledge of what the different lenders’ preferences are in terms of types of security and loan to values is one thing, but many lenders out there have a suite of products that cater for more than just your standard, everyday bridging loan. Having a good relationship with the lenders will undoubtedly help you with this as they can keep you up to date on their latest product and rate variations whilst helping to guide you in how these products can be utilised for maximum client benefit. Of course, the alternative is just to call on the services of an experience specialist packager. In working with every variation of bridging loan day-in and day-out, these guys have that knowledge at their fingertips and can quickly advise you on all of the different options. Not only that, but the good ones will have a great working relationship with their contacts and so they can work...
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Tip 6: How good is your relationship?
Friday 28th October 2011Now, we hear a lot about how important relationships with your clients in order to develop a long term perspective for their financial goals; but what about the relationship that you have with your lenders? It’s just as important that you build a trusting relationship with your lenders. Getting to know how they work, and what their lending preferences are, is vitally important in having a strong working relationship with a lending source. Lenders are at times under a lot of pressure to perform to certain service levels and if you can ease some the burden to help them to help you, then that will count in all the favour of all parties. Packagers know only too well how important this dynamic is. And a good packager will adapt to accommodate the nuances of each specific lender to ensure that a case can be presented to in a way that the lender is familiar with. This approach can only assist and help speed up any processing and of course lenders will appreciate this as it makes their job easier. Packaging a case for a specific lender requires knowledge of their requirements and a good relationship with them will enable you to work with them...
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