Find A Bridging Loan Company
Bridging finance; you might know you want it and know you need it but are not sure how to get it. There are a few different ways you can go about it and find a bridging loan company:
Friends / Accountant / Solicitors
When faced with figures for a bridging loan, development loan or whatever finance is required, it seems a natural reaction to consult a trusted professional outside the broker or lending provider.
To some extent I can understand the logic of it – you trust your solicitor or accountant with your business affairs and take their advice on various decisions you might need to make. However, while your accountant might be an expert on tax there is a very good chance they aren’t experts when it comes to the short term loan market.
In fact their lack of knowledge can make their opinion worse than not having it in the first place. Bridging loans are more expensive that standard mortgages, for a variety of reasons, though comparing a 6 month loan to a 25 year mortgage is not a fair or worthwhile comparison to make.
For instance, you wouldn’t expect to complete a standard mortgage application in a week but that might be the case for your bridging finance. To have that level of convenience you pay a premium. The cost of the money is much higher for bridging lenders than it is for mortgage companies too, so the cost is always going to be dearer.
The accountant will often say “that’s too expensive”, so a client is put off taking out the loan, thinking there is something cheaper out there. I always ask what alternative did the accountant or solicitor give you? What other option were they able to give you, using their knowledge of the market and experience in the sector.
Generally the answer is “none”. What does that tell you? It tells me they don’t have an alternative and they don’t really know what they are talking about – on this particular subject.
There is also the odd client that wants to talk to his mate down the pub, too. The less said about that the better!
Finding Your Own Bridging Loan
This seems an obvious choice. Most lenders will have a website to give you an idea of what they can and can’t do.
You can call them all, talk to them and ask them questions about how they work and what they can do for you.
Except they are all going to tell you the same thing. They are all the best, they all do it differently and they are all the best choice. This obviously can’t be the case.
When it comes down to it, most are exactly the same, it really only comes down to the costs to differentiate and, how quickly they can react to your needs.
And the choice is vast. As I type there have never been more options for short term finance. For a while it seemed a new lender was popping up every day.
Unless you have already got experience in using certain lenders it will be incredibly difficult to know who actually can do what you ask and perform when you need it.
You also need to take in to account how they will treat you once the money has been lent. You might go past term, or end up needing more money than you thought – how will they look after you?
Bridging Loan Broker
Brokers can be an excellent way of cutting through the noise of the industry. If you choose the right one you can hitch your self to a very quick and easy way of getting to the right lender for your circumstances.
The right broker will be a phone call away and will provide you with all the information you need to make an informed decision.
Not all brokers are experienced in niche finance and many charge fees to start working for you. How do you know they really know the market?
Volo FS For Bridging
Why choose us? We won’t forget to tell you about costs, we won’t hide the true cost of a loan and we can provide you with more detailed information than others would be prepared or able to do for you.
Our experience as both a broker and underwriter for a lender, means that we are very well placed to put you with the right source of funds very quickly and easily.
Whether you need lightening speed or are more interested in cheaper rates and fees we can get what you want.
I appreciate that you might not just want to take my word for it . So, give me a call or drop me a line. Let’s have a no obligation conversation about what your business wants and needs.
If you don’t like what I suggest, you don’t have to take it. I won’t charge you up front fees and I don’t expect paying for nothing.
Let’s talk and let’s get your business funded today.
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