Bridging finance can be a great way to help your clients access capital quickly and at Alternative Bridging Corporation, we’re frequently able to complete a case, from the initial enquiry, in a matter of days.
The most important factor in delivering this type of timescale is communication and brokers
working together in partnership with the lender to get the case across the line, which is one
of the reasons why long-standing relationships are so important in this industry.
Often, however, it’s the small details that make a big difference, and when it comes to successfully placing a bridging case, the people who know best are the underwriters who work day-in, day-out reviewing and assessing applications.
So, what steps can brokers take to ensure that their applications are best placed to be approved as quickly as possible?
1- The key is to really understand the deal before you submit it. If you have any doubts
or concerns, engage with the lender.
Underwriting work very closely with BDMs, so pick up the phone to talk through your case. It’s always better to identify any potential issues at the outset as it can be a bad experience for a client if anything surfaces further down the line.
Talking at the outset means we can work together to see if there is a way we can make the deal work, and sometimes we may be able to suggest an alternative solution.
2- We often see application forms that are not properly completed. The date of birth
often isn’t included and sometimes it’s included but incorrect.
This will impact searches and come back as a fail. It’s always a good idea to send a copy of the
passport as this will include all the correct details.
When submitting documents for ID verification, make sure they are properly verified by a recognised professional – usually the solicitor – as brokers cannot verify the ID documents themselves.
At Alternative Bridging, we use technology from Nivo to help with ID verification and
this can make the process much easier.
3- We often lend across multiple assets, particularly on our overdraft product.
A common mistake when submitting an application across multiple assets is that brokers don’t look at the detail of every property – often just focusing on the first couple and assuming the rest will be fine.
One flag, for example, is a short lease on one of the properties and this is often overlooked by brokers when submitting details for multiple assets.
4- Another important tip is to let us know when the client wants to complete. If it is a purchase, have they exchanged? If it’s buying at auction, what is the completion date?
It is useful to know this information upfront as it helps us to prioritise and meet the required deadlines, resulting in a better experience for everyone.
Robin Turnbull is head of underwriting and Hannah Scheuber is senior underwriter at Alternative Bridging.
