How brokers have embraced online bridging applications
See all of our bridging rates, offers and submit your deals through the portal here.
By Leanne Smith, Sales Director
Since the start of the year brokers have flooded to our bridging portal to submit their applications.
Brokers are submitting deals quicker and our team is progressing cases quicker with the right information from the off in a great vindication of our technology-enabled approach to specialist lending.
The portal has already grown since the New Year, with a wholly online regulated bridging application process now included and our refurbishment product soon to be integrated.
As we keep busy completing the record numbers of applications being submitted, why have brokers turned to the portal in such high numbers?
Case study: £660k regulated bridge deal in Watford
Technology, technology, technology
When every other thing you purchase or submit information for is done online, it was always anachronistic to not at least have that option for bridging finance and the high volume deals brokers spend their days working on.
Digitising the process has been of huge benefit to our brokers, who can get Heads of Terms and expert advice in minutes so they know how we can support their deals. Quick decision making in these types of deals is essential, and with less paperwork to manage through the portal becomes a lot easier.
As well as offering plenty for brokers on the front end, in the back end our team can benefit from integrated searches, digital ID and e-signatures which speeds up the speed to offer for our underwriting team.
Read more: Regulated bridging made simpler
The results
Since the start of the year, around 80% of bridging applications have come through the portal, totalling over £130 million in value.
1000 brokers have been activated and are benefitting from paperless bridging applications which get simpler every time they use it with the portal’s ability to copy details between a client’s applications.
What’s next
On the back end, more improvements to speed up the underwriting process are happening all the time, with more integrations with third-party applications planned for the coming months.
For brokers, totally online regulated bridging applications have recently launched, with refurbishment finance in the pipeline.
In the long-term, every step of a client’s project should be able to be financed and managed through the portal.
See all of our bridging rates, offers and submit your deals through the portal here.