64% of recent bridging finance deals were sourced via a broker, and 36% were sourced via a lender, data from Finbri’s 2023 bridging finance consumer survey has revealed.
The most commonly cited reasons for using a broker were the advice and guidance provided, the ability to get the best deal in the marketplace with favourable terms and rates, speed and efficiency, and the broker’s understanding of a borrower’s needs and circumstances.
On the other hand, those who opted for a direct lender typically did so due to recommendation, the perception that the application process is faster, direct communication, and avoiding broker fees.
A spokesperson from Finbri said: “Brokers are an invaluable source of help for borrowers seeking bridging finance.
“With a number of new lenders entering the market, whilst others are exiting, plus product changes and lending criteria in constant flux, a good broker can make all the difference to securing the borrower finance – especially where speed is critical and the deal is anything other than vanilla.
“The better brokers will be in hot demand in the coming 12 months as borrowers find securing their bridging finance more challenging.”
Additionally, of the survey respondents that used a broker to facilitate their bridging loan, 95% said that would use bridging finance again.
