Collaboration is key. Closer working between lenders and brokers can help lenders tailor their offering to what brokers and their clients really need. Most brokers value access to key decision makers and underwriters so that they can talk about what is going on. If that is important to you, then you need to work with a lender who operates like this as standard, so that you can both share information.
One other area where brokers can play a key role is with regard to the borrower’s exit route. If the borrower plans to remortgage onto a long-term mortgage after perhaps refurbishing or converting a building, then both the lender and the broker need to carry out due diligence to ensure that the planned finance is a realistic proposition and there are the mortgages out there for the client to refinance on to. This may well come down to criteria once again and brokers can play a vital role, not only in finding their client their next mortgage but making their client aware of the conditions that the long-term lender will want from them.
If at the end of the bridging term the borrower then cannot achieve a remortgage, the broker has a valuable role to play in advising the client that it might be time to sell instead. Once again it all comes down to clear communication, education, of the client in these circumstances, and collaboration between all parties.
Finally, it is very hard to measure service and there are, of course, no league tables for who has completed a bridging loan in the time they said they would, who gave direct access to decision makers or who just helped make it easier for the broker. If a broker has used a lender and things have gone really well for him and his client, communicating this to other brokers helps ensure that other people also have a positive experience.
If things haven’t gone so well, communicating it with the lender so that they can learn for the future is key. Everybody can continue to improve and open communication helps to achieve this for the benefit of everyone.