Commercial Finance Specialists

It’s common knowledge that the flow of credit from banks has contracted in recent years. But there is also something to be said about the application process.

Lenders have been identifying key areas for brokers to improve when it comes to commercial mortgages, bridging loans, and asset finance applications.

Obtaining full and accurate data is often a major hindrance in the application process. Essential details are often left out by prospective borrowers but are not identified by brokers. Lenders have also shown concern that brokers fail to grasp the underwriting processes for loans.

Completeness and accuracy go a long way to making an application as smooth as possible, lenders note. Missing contact details, for example, prevent valuers from getting in touch to arrange visits.

Brokers are under more pressure to check for accuracy to ensure that clients have every chance of a successful application. This is particularly relevant to self-employed loan applicants, as the credentials required by lenders are often very precise and can change throughout the application cycle.

Some brokers also come under fire for failing to package their applications well, causing extra work for lenders. Nationwide has announced its intention to make applications entirely electronic because of the number of issues and omissions encountered with paper forms.

Lenders also find themselves frustrated when brokers submit cases that have little chance of success. Occasionally, this is down to inexperience; finance packages like bridging loans are cited as an example where some brokers are inexperienced because of infrequent applications.

Furthermore, the Mortgage Market Review is set to increase the level of scrutiny that every application will come under. More information will be required, meaning that the relationship between borrowers and brokers and brokers and lenders will become more stretched. It’s important, therefore, that you find the right mortgage and finance specialists to assist you with your needs.

Every link in the chain for borrowing has its responsibilities to ensure that an application has every chance of success. Clearly, though, there are huge benefits to having a team with experience and expertise on your side. Contact B2B Mortgage today to discuss your needs.

Allan Flowers