Do a search on the internet for a bridge loan and you will discover a huge range of different bridge loan provider offering varying rates of interest. But which one do you choose? While it is tempting to go for the lowest rate of interest there are other criteria to consider, which is why you need to be sure you are selecting the right bridge loan lender for your individual situation. So how do you know if the one you’ve selected is the right one for you?
Doing your own internet search and researching each individual broker can be very time consuming, and you are relying mainly on what is online. One way to save time is to use a comparison website but you still have to look at each lender individually. However, at least you can see at a glance who offers the most competitive interest rates, though you will still need to find out what other charges there may be, and look at different reviews to find out how they rate as a bridge loan lender.
Quotes may not be the same as the final offer. In a fast-moving market, the information you find on the internet may not be the most up-to-date, and there may be other options out there that are more suitable for you. Using a bridge loan broker means they do all of the leg work for you. They have access to a wide range of lenders and will know which one will be best for you, because they will have worked with them many times. They will find the right bridging lender who offers a competitive interest rate and the best possible terms, with no hidden extra costs.
Each loan application is assessed on its own merits and although bridge loans are based on the value of the property, other factors may be taken into consideration. A broker can save you time by making a tailored application to the right lender and negotiate on your behalf to get you the best deal possible. A broker will ensure your application runs smoothly, that you receive a fast payout, and do not lose any opportunity to purchase a property by missing your deadline.
For more information on how to select the right lender, get in touch with the team!