"There has been an uptick in demand for more versatile financial solutions across the whole mortgage market."
Specialist bridging lenders have long been associated with the complex borrowing cases that many mainstream banks shy away from.
While it is certainly true that the more specialist area of the mortgage market has traditionally helped property investors achieve swift and flexible access to funding, the sector has evolved significantly over the years to reflect the changing needs of all types of borrowers.
Recent economic challenges such as the cost-of-living crisis, sky-high inflation and the global pandemic have led to a change in financial circumstances for many borrowers and, as a result, there has been an uptick in demand for more versatile financial solutions across the whole mortgage market.
This has prompted many specialist lenders to broaden their offerings to meet the needs of both complex and straightforward loan enquiries by introducing more competitively priced and straightforward bridging products while continuing to deliver bespoke solutions to meet the needs of an increasingly diverse range of clients.
In response to this growing demand for diverse products, KSEYE recently launched a new Resi-Lite bridging loan product designed to help brokers seeking a fast and flexible funding solution for clients with more straightforward residential bridging cases.
The product is available for residential properties in London, the home counties and other major cities and is available at up to 75% LTV. It can be used in any situation where a client needs to bridge the gap in funding for habitable properties in cases where time is of the essence, the property is not currently tenanted, or they don’t want to commit to a term mortgage at the current rates.
As well as providing diverse funding solutions, one of the major advantages of dealing with a specialist bridging lender rather than a traditional bank is that their expertise means they can deliver on speed and service.
Specialist bridging lenders understand that no two applications are ever the same, which means that every application is individually assessed and underwritten. We also understand the pressures of securing short-term finance, which is why we work closely with brokers to forge long-term relationships to ensure contact is always easy and accessible.
Being able to pick up the phone and speak to a BDM quickly is a key feature of our service and can prove particularly useful for any broker who is unfamiliar with the bridging loan market, especially if they need some clarity around a certain aspect of the application process.
This personalised approach can help to provide greater certainty to both brokers and borrowers alike, as it enables brokers to talk through the intricacies of each case in detail.
Our underwriters can validate decisions well within 24 hours on loans up to £2 million provided all the details related to the case are at hand. Loans of over £2 million get full credit sign-off within 48 hours. This can provide comfort to borrowers in cases where time is of the essence and they want the certainty that decisions will not be changed later in the process.
Having an in-house legal team also means we can quickly assess risks upfront in the process before the case has officially gone to offer, which will help deals to progress more quickly. This is particularly important when speed is crucial and in more complex cases as it means the details of the application can be assessed and dealt with at the outset.
Not only does this help to provide greater certainty for the borrower and the broker, it also allows for a smoother application process as cases can be expedited immediately, which enables any hurdles to be rapidly identified and dealt with.
With borrowers’ needs becoming extremely diverse, specialist lending solutions like bridging finance are definitely more popular. For brokers seeking a swift short-term financing solution for these clients, contacting a specialist bridging lender could provide the solution they need.
