A recent report into bridging and short term finance, the Bridging Trends Report showed a dramatic increase in short-term lending by 54% to £140.49m in the third quarter of 2016.
These figures are not surprising to us at ASC Finance for Business, where, despite the uncertainty caused by the political situation, we have seen an increase in enquiries for commercial finance.
Digging deeper into the report, we were not surprised to see that delays with obtaining a commercial mortgage were cited as the biggest driver behind individuals seeking bridging finance. Some lenders still don’t understand the needs and requirements which clients face. Whilst we obviously understand that lenders need to properly analyse deals and that valuations etc. need to be carried out, sometimes there are unnecessary delays caused by tick-box exercises or red tape which can cause delays. If only lenders would put themselves into the shoes of their clients, and better understand their needs, it might result in a better service and simpler journey all round!