"Great Company to work with arranged my loan at a very good rates and was able to talk to Zara any time to deal with any problems I had
"Zara arranged my Bridging Loan with ease so pleased with the service and attention to detail I would highly reccomend Easy Bridging"
Bridging loans. Determining the ‘best’ of anything comes down to understanding your personal factors and needs. For some, the best bridging loan provider could simply be the one with the lowest interest rate – while for others they are keen to have a strong personal relationship with a finance specialist at the lender, all told there are over 80 Best Bridging Loan Providers.
Answering the question ‘what is the best bridging loan provider’ therefore becomes an impossible task!
What should I look for in a bridging loan provider?
With Best Bridging Loan Providers It is most important that you understand your need. Until you can reasonably define what it is you are after, you cannot expect anyone else to be able to find a provider to match it!
Some of the things you should look for are:
Obviously, a lower interest rate is more enticing than a higher one, and with the sums of money involved, a small change in rate between providers can represent thousands of pounds in savings over the term of the loan.
All providers will openly advertise their rate and when you are in discussion with the broker they will be able to help you make calculations regarding the differences those rates represent.
Over 90% of lenders have currently settled on a 2.0% arrangement fee, so there’s little to be found here between bridging finance providers, but it is still worth checking. Like the interest rate, small changes here can mean potentially huge extra costs at the tail end of the arrangement.
Ask your broker to disclose in full detail the fees from the lenders you are considering. Many will have smaller administration or transfer fees that are not listed in marketing literature but turn up down the line, and though these may be seemingly insignificant taken alone, they can add up.
For your peace of mind, it is important to find a provider that is on the financial services register – by doing so you know they are properly regulated. Not only does this mean there is less likely to be a problem, but it gives you a good place to go to the Financial Conduct Authority should you have an issue.
Don’t just take your broker’s word for it – spend a little time researching the company’s reputation and make sure you are happy with what you find. Remember though that one person’s bad experience doesn’t mean you’ll suffer similarly and equally that a stellar review from five years ago probably has little relevance today.
If you are in the need for the cash to be available for use the next day, then make sure you choose a lender that can follow through – there’s no point obtaining the money after the auction window closes. If your bridging finance has an important time component to it, then mention that to your broker before they start searching for deals.
They’re in the business every day – if a broker recommends something to you, there’s usually a reason and despite negative connotations to the contrary, it’s not always simply their commission! The broker is working on your behalf, so remember to trust them – if you don’t then perhaps you should choose a different agent!
Easy Bridging Loans can arrange your loan with ease and will guide you through both the choice of loan and all of the processes that are associated with taking a bridging loan, because we specialise in this type of finance and nothing else, we will always have the answers to any problems that could be encountered along the way.
Get in touch now to discuss your requirement as professionals in this field and know the industry inside out, call us today or complete our online form to get things started.
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