When time is of the essence and your client needs access to property finance in a hurry, there are some things you can do to make sure you’ll achieve a quick property completion. Here we’ve put together a list of some of the information to have to hand to speed up the process of getting a loan.
1. Don’t leave any gaps in your initial enquiry
Don’t leave any gaps in your initial enquiry as it will cause delays down the line.
Ensure you have accurate information for the following:
- What is being offered as security
- The amount required
- Suggested value
- Suggested exit route
2. Choose a solicitor with the right experience
Make sure your chosen solicitor has relevant experience in understanding the short-term property sector and is able to perform in tight time scales.
3. Prepare all the necessary documents for the valuation
Ensure that you have all the relevant information to give to the valuer, including:
- Planning consents
- Schedule of works
- Full access to the property
- Any leases
4. Keep the application on your system
Keep a copy of any applications for reference when you are talking with your lender. If you are applying on another parties behalf, try and arrange for them to be with you when making the application.
5. Provide every detail when you make a full loan application
Most application forms will require borrower information for the following categories.
- The purpose of the loan
- Property being used as security
- Whether you’re client is a corporate borrower or individual company
- Employment income and expenditure
- Assets and liabilities
- Credit questions
Provide the fullest possible picture to avoid further questions down the line. Every extra question the underwriter has to request will delay to the process.
6. Make sure you have the necessary proof of ID
Recently we completed our fastest ever bridging deal in just three working days. One complication in this deal arose when the borrower discovered that her passport – a key document required by our underwriting team – had expired. Fortunately our technology-based, decision-making process isn’t a linear, box-ticking exercise. So, while we waited for the applicant to renew her passport and supply it to us, we were able to progress with other aspects of underwriting and searches. The result: minimal time was lost and deadlines were met.
Granted some lenders will be able to accommodate potential delays more than others. But, ensuring you have the relevant up-to-date ID to hand will contribute to a smoother, less stressful process.
7. Ensure access to the property
If it’s a purchase, ensure access to the security property is arranged . If the borrower is on holiday for a week and we can’t get access, the process will grind to a halt. Arrange access to the property, even if the owner is away at the time.
8. Let us know your timescale
Keep your lender informed about key deadlines, as some will be able to accommodate a faster service when there’s a pressing need.
Gary Clark, Business Development Manager at LendInvest, says:
“From the initial enquiry, tell us what time scales are required and we will work to your timetable.”
The key to a smooth completion is preparation. With the help of these eight steps, you can ensure you’ve done everything in your power to to speed up the process. All you need now is a lender who can match your requirements. At LendInvest the members of our deal team work tirelessly to ensure a fast and flexible service for our customers. To find out more, visit our intermediary page and download our product guide.