The importance of brokers to the bridging finance industry
Most bridging finance lenders are reliant on brokers for their business. Many borrowers who need a bridging loan use a broker. This is partly because most deals that require a bridging loan have tight deadlines. A broker can quickly find a bridging lender and make sure that
the application process proceeds without delays.
Bridging finance can be complex. There are now so many reasons why borrowers need bridging loans, and not every situation is straightforward. Brokers need to be knowledgeable, experts on bridging finance and be able to advise their clients on the best loan deals. Most brokers are very good, but not all can provide top expert advice. Some just arrange loans without providing further help.
The bridging finance industry is providing more information and training for brokers. Many lenders take part in workshops where they can meet brokers and educate them about their financial products. The Property Development Academy has been recently launched to provide courses for brokers about bridging finance.
The National Association of Commercial Finance Brokers (NACFB) has a large number of online resources for its members. The NACFB is training the next generation of bridging brokers with its apprenticeship scheme.
The bridging finance sector used to have a poor reputation, but better training and product knowledge by brokers have resulted in higher standards. People trust their bridging broker and the finance process. Bridging loans are seen as mainstream lending products and the industry is dedicated to raising brokers’ standards even higher.