Why human expertise is essential for technology-enabled lending to work for brokers
Explore our rates, get instant quotes and see the bridging portal in action here.
By Lauren Bridgman
The past few months have been record ones for the internal sales desk at LendInvest, as the opportunity for simpler bridging deals offered by the portal has powered huge numbers of enquiries and signed applications.
Building your deals around the latest online technology has been met with huge enthusiasm and lots of success from brokers, and as a team we’ve got the tools to deliver on record demand with all of the essential details in one place.
However, this isn’t just a story about what technology can offer brokers and their borrowers. The portal brings the internal sales team closer to brokers and their deals, and expertise at every step of the way is essential to make these deals work and help navigate that first transition into technology-powered bridging deals.
Here is how the team approaches it:
The first enquiry
At the first step the team is able to act quickly. All of the internal sales desk are mandated up to £1 million, which empowers us to make the initial decision and get the enquiry approved for most of the deals we look at.
Before sending Heads of Terms/ESIS we will complete a check of the submitted details, make sure we understand the nature of the deal, what the client needs and if its something we’re happy to commit to lending on.
At this point, if necessary, we will start conversations with the broker to better understand their client, the experience and what their overall plan for the property is to help get the deal approved as quickly as possible.
Read more: See case studies completed through the portal
Signed application
After we send back the Heads of Terms/ESIS, our role is to support the broker through to a signed application. The level of support depends on the complexity of the deal. For example navigating special conditions, reviewing the schedule of works, or pushing quotes from professionals to provide a seamless experience.
A lot of our deals are repeat business and building those relationships and working regularly with brokers helps this get smoother every time. But for first-time brokers we are more involved where they need support to navigate the process, but the simplicity of the portal helps us here.
After the application
From this point the formal processing of the deal moves over to the underwriters, who work closely with brokers to ensure the deal is delivered.
Our team retains an interest in the process though and can step in if necessary to support the underwriters with any questions they have internally, or working with the broker if any obstacles arise.
The bridging underwriting team includes some team members who were former case managers who have been trained into underwriters, this gives them a deeper understanding of the journey of our bridging deals and what a broker needs from their lender.
What this means is that, from start to finish, brokers can make the most of our technology with the right people supporting them. In the past three months we’ve seen this play out in a fluid way, with every deal given the right attention it needs as and when it needs it.
Explore our rates, get instant quotes and see the bridging portal in action here.
LendInvest plc is a public limited company registered in England and Wales (No. 8146929). Registered Office: 8 Mortimer Street, London, W1T 3JJ.
For borrowers, borrowing through LendInvest involves entering into a mortgage contract secured against property. Your property may be repossessed if you do not keep up repayments on your mortgage.
LendInvest Loans Limited is a company registered in England & Wales with Company No. 09971600.
LendInvest Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN:737073). LendInvest Loans Limited is a wholly owned subsidiary of LendInvest plc.
Borrowing through LendInvest involves entering into a mortgage contract secured against property. Your property may be repossessed if you do not repay your mortgage in full.
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