Bridging lenders offer incentives to attract borrowers
The bridging finance market is very competitive, which is why some lenders offer incentives to attract borrowers.
A lender may use tactics often used by retailers, price match guarantees where they will match the price of a competitor’s deal if it costs less.
To secure a loan property is usually used as security. Before a loan has final approval, the property must be
valued and the borrower normally pays for the valuation report. Some lenders will refund the valuation cost after the loan has been completed.
One advantage of bridging finance is that loans can be arranged quicker than some other loans. Sometimes bridging loans are required for time sensitive deals but they can still take too long to be arranged, resulting in the investor pulling out of the deal. Some lenders will, if asked, speed up the process so that the deal does not fall through. Instead of taking a few weeks, a bridging loan can be completed in just a few days. Lenders that have a speedy service can use this as an incentive for borrowers to use them rather than their competitors.
Because there are so many deals and incentives available, it is difficult for borrowers to know where the best deal is. A bridging broker has access to a wide range of lenders and keeps up to date with and the latest offers and incentives that are launched so that they can find their clients the best loan deals