One of the myths that surround bridging finance is that it will always be delivered at speed and brokers can become disgruntled when cases drag on, in some cases taking over eight weeks to complete.
Of course, back in what someone sarcastically called the ‘good old days’, finance of all types typically took less time to complete. Today, we live in a world where caution is the watchword around underwriting, not helped by the uncertainty surrounding the economy, both at home and across the world. When we add in the checks and balances surrounding compliance legislation, it is little wonder that the process of getting from enquiry to completion is more complex than it has ever been.
Unfortunately, it is a shame when certain bridging lenders take advantage of the time lag and use it to hide their poor service and in some cases complete incompetence and pass it off as if it was a normal state of affairs across the industry.
Fortunately, some lenders take their obligations seriously and genuinely set their stalls out to give brokers the best service they can.
Black & White Bridging is just such a lender. Thanks to our simple, stripped-down process, we give introducers total clarity on their case progress from beginning to end. If we can’t accept an enquiry, we will tell them immediately and not keep them hanging on, as some of our competitors do because frankly, they can’t be bothered.
As to completion times, the actual average completion time across the industry is c.58 days. At Black & White, our average completion times considerably less than the national average at 44 days. We have worked hard to engineer a system that cuts the flab out of the process and where we communicate constantly with our introducers up to completion.
Bridging does not have to be complicated but choosing the right lending partner is key to making sure brokers’ clients get the service they deserve.
Get in touch with the Black & White Bridging team to discuss your next case:
Phone: 0117 937 4333