Turnaround times and support from business development managers (BDMs) are the most important factors for brokers when choosing a bridging lender, according to a survey of mortgage brokers by LendInvest.
The online specialist property finance lender surveyed brokers based throughout England and Wales to establish the importance intermediaries place on the various services offered by lenders. Brokers were asked to rate on a scale of importance a series of individual factors they may consider when determining which lender to place a case with.
100% of respondents named turnaround times and BDM support as either very important or absolutely essential. They were followed by credit & underwriting decisions which 83% of respondents named as either very important or absolutely essential.
Communications, training & development are the least important factors: 66% of brokers rated them as of little or average importance.
Matthew Tooth, head of distribution at LendInvest, said: “These survey results show how important it is for lenders to offer a full service. Boasting low interest rates alone simply won’t cut it – intermediaries and their clients want to work with lenders that can deliver the funds quickly and offer round-the-clock support.
“With the UK voting in favour of a Brexit, we now face a changing market – some lenders may look to pull back on their activity, or leave the market altogether. Lenders that can offer certainty of funding for cases that pass their existing underwriting requirements will be indispensable for intermediaries.”