How bridging loan completion times can be quicker than average
According to the Bridging Trends report, in 2017, the average time from first applying for a bridging loan application to having funds available was 43 days. This was slightly down from the average of 45 days in 2016.
With fierce competition between lenders, many cannot compete by offering lower interest rates, but some lenders are standing out because they can complete the lending process much quicker.
A lending application can involve several people, including a loan assessor to provide the initial loan offer, solicitors to perform legal work for the borrower and the lender, someone to write a valuation report on the property, and administration staff to check the documents submitted by the lender. Any delay or inaccurate work can hold up the bridging process. However, like many complicated procedures, close scrutiny can reveal areas where systems can be made more efficient.
A bridging loan broker can help speed up the process by coordinating all the people involved and chasing up any delays. A bridging finance broker can look over the documents the borrower is submitting and spot any mistakes.
Some lenders have a fast track service that streamlines the application process. A 15-day fast-track service is available from some lenders. This is a considerable time improvement on the average of 43 days.
In exceptional circumstances, It is possible to have a 48-hour loan application if all parties agree to make a loan a priority, and there are legal staff who are competent in speedy legal work.