We were in conversation with a lender recently about the quality of applications they receive from different brokers. And they mentioned a stark difference between the two types of application they receive from different brokers.
The first type (and we are happy to say this includes ASC), provide them with a summary of the transaction, the relevant background information, the positive points regarding the deal and if there are any weaknesses, why these do not matter and how they can be mitigated. The lender therefore has all the information to make a decision, and can listen to the broker’s arguments.
The second type of broker, sends them information about the property, and says “what can you lend”. That’s it. No more information for the lender to consider.
So, which one is the lender likely to support? Even if the applicants of the second deal are better candidates, there is no way for the lender to know that!
That is why it pays to choose a broker who knows what lenders look for, and can present the strongest possible application for finance – meaning that you can get the right finance for your business.