Why use a commercial broker to obtain a bridging loan
There are many different lenders in the finance marketplace who are willing provide bridging loans. However, with so many lenders the costs, charges and interest rates for bridging loans, varies tremendously. Unlike for normal loans and credit cards where it is easy to go on line to check out what is on offer and who currently has the best deals and interest rates, there is no such information available for bridging loans.
The reason why there are no specifically set rates, deals and offers for bridging loans, making it difficult to just pick the best deal, is because the bridging finance providers look at each application before deciding what rate and terms to offer. The different lenders all have they preferences as to what type of borrowing they like to finance and their own specialities. A good bridging finance broker will know many of the lenders if they are independent. They should therefore know which lenders favour the different types of proposals and applications for bridging finance. By using a bridging loan provider who likes and specialises in what an applicant is looking for is a great way of finding a good deal on a bridging loan.
A bridging finance broker should also be aware of which lenders are currently keen to lend and are offering the best deals on bridging loans with regards to interest rates and charges.
Therefore there can be advantages to using an independent commercial finance broker who knows which bridging loan providers will provide the best deal for a particular type of bridging finance application.
Other benefits to using a commercial finance broker would be that they will know what information each lender will want to see in a bridging finance application. By presenting a strong case an applicant is most likely to receive the funds that they require and also receive a competitive rate. Also if an exit strategy for the bridging loan requires raising a long term finance facility, an independent commercial finance broker can advise on the possibility of obtain the required long term finance and ensure that a facility is obtainable and put in place.