Time has a tendency to be a factor with most forms of bridging finance, but in a market where average property purchase completion times have fallen to just 44 days; desirable homes are being snapped up at record pace.

Increasingly, prospective buyers are turning to bridging loans as a faster, easier and more cost-effective alternative to traditional mortgages. Even so, the latest figures from Bridging Trends suggest that the average bridging loan completion times have increased slightly to 53 days.

This subsequent disparity of nine days does not give prospective buyers a great deal of room for maneuver if looking to secure the home of their dreams. Nevertheless, there are ways to speed up the process of getting a bridging loan at least slightly, where time is a real and pressing factor.

Work with an Established Broker

The importance of working with a trusted and reputable broker cannot be overstated. An experienced broker can help accelerate all aspects of the application process from start to finish.

Logic may lead you to believe that going straight to the source would be quicker, but this is rarely the case. With an experienced broker on board a fast bridging loan can often be accessed within as little as two weeks.

Provide as Much Information as Possible

Withholding information in an attempt to speed up the application process almost always proves counterproductive. Where even the slightest detail is left out, deliberately or otherwise it can trigger major delays and complications.

It is therefore essential to provide as much information as possible and be 100% honest at all times during the application process. Ensuring you provide all the information required is also something your broker will be able to assist you with.

Answer the Lender’s Questions Promptly

It is likely that the lenders you target will require clarification on a few key issues; this means you can expect to receive a number of follow-up questions.

The key to keeping things as smooth and streamlined as possible lies in responding promptly and providing as much information as possible.

A Clear and Provable Exit Strategy

Lenders place a heavy emphasis on the provision of evidence regarding a clear and concrete exit strategy, this means showing the lender exactly when and how you intend to repay the loan without leaving any questions or concerns unanswered.

Providing evidence of an exit strategy often means conducting research and submitting documentation to support your application. Knowing where to start can be difficult without specialist knowledge and experience; this is where the services of a skilled mortgage broker can prove invaluable.

Always Consider a Backup Plan

It is important to remember that there are no guarantees when it comes to bridging finance or any other financial products for property purchases. There is always the possibility that your application will be declined, so it is useful to have a backup plan in mind, in case the worst should happen.

There are numerous alternatives available for applicants ineligible for conventional bridging loans, which will be presented and discussed by your broker in due course.

Author: Craig Upton