With an ever growing number of lenders in the bridging and short-term lending market, we at Bridgebank Capital continue to work hard to ensure we stand out from the crowd to be regarded as one of the sector’s premier lenders.
The regular feedback we receive from brokers in our day to day dealings demonstrates to them that we possess a hunger and desire to lend, which is accomplished through a knowledgeable and common sense attitude.
Whilst the sectors new lenders are very much concentrating on trying to achieve some market share on a pricing based marketing strategy alone, our brokers report that they remain unconvinced as to the commercial input and ability these lenders can contribute, as the majority of bridging deals are not straight forward residential style mortgage loans, and do require both introducer and lender to work on proposals together, as a team. We are told that cost alone is not a priority in choosing a bridging lender to place, and preference is given to working with established, commercially proven and experienced lenders, that they know they can trust.
Whole of market
The Bridgebank offering is also whole of market and unlike most of the new lenders, we will lend across the whole of the UK, not just inside the M25 circle! We lend against all types or property, both residential and commercial and mixed use retail, office, residential, commercial property assets.
Our experienced team of business development managers pro-actively visit brokers nationwide, giving training and support, whilst delivering a “can-do” attitude towards financing solutions and getting across the message that we are hungry for business. Brokers frequently state that they value our experience and commercialism and the fact that they can contact and discuss proposals directly with knowledgeable decision makers and underwriters. Our ethos is one of flexibility with an attitude to underwrite a case on why we should do it rather than looking for reasons why we ought not to make the loan advance, which often requires our business development managers and underwriting team to think outside the box strategically on any given scenario.
In line with our growth plans for 2012-2013, we are now recruiting business development managers with experience and knowledge of bridging and/or property finance. We’d like to hear from well connected individuals in the area of property finance and well networked individuals within the professional introducer market for a partly field based and partly office based role.
We are also looking to hire a legal support assistant with an ability to issue legal instruction on new case matters, who has the capability to manage control between Bridgebank’s solicitor, borrowers and their solicitor. This role will also have responsibility for management of legal process updates and management of checking of facility documentation.
Furthermore we require underwriters with experience of secured loan underwriting, preferably in property and development finance. Interested parties should submit their Curriculum Vitae by email to email@example.com detailing which position you are applying for.
Supporting the sector
Bridgebank is continuing to raise its profile in the bridging sector and to this end we support all three trade bodies that cover the short-term market. We have been present at workshops, road shows and exhibitions held over the past year by the Association of Short Term Lenders, the National Association of Commercial Finance Brokers and the Association of Bridging Professionals. We believe it is important for our BDMs to be out on the road speaking to brokers and helping them understand how Bridgebank can offer a range of bridging solutions for their clients.
We have therefore also committed to exhibit at November’s Mortgage Business Expo in London’s ExCel Centre on the 14 and 15 November and we are taking a table at the NACFB Gala Dinner with brokers on the 23 November.
Tailored to fit
Aside from regulated lending, the majority of bridging loans are business or commercial transactions, so we apply this thinking to our processes, rather like the old fashioned relationship bank manager that had full knowledge of their customer’s circumstances and business and property financing requirements. Bridging cannot be delivered effectively and beneficially by trying to adopt residential mortgage processes.
At Bridgebank Capital we are also conscious of ensuring that our lending is responsible which means we always question the total circumstances surrounding the loan requirement and more importantly the validity and ability of the borrower to repay the loan in accordance with the terms offered. In line with this philosophy, we support a sensible regime of regulation that ensures lenders act responsibly and professionally.
Right from the outset of trading, we have been Financial Services Authority regulated, we are patrons of the National Association of Commercial Finance Brokers and we are founder members of the Association of Short Term Lenders.
• We are commercial
• We probably have the most experienced underwriting team in the sector
• We adopt a “can do” approach
• We are approachable and readily available to discuss any issues
• We embrace regulatory and compliance driven improvements to the sector
• We lend across the whole of the UK and against all types of property security
• We are “OPEN” and very much hungry to lend
We have the expertise to find a way of providing bridging finance where others simply can’t and we also provide a selection of specific off the shelf short term property finance products.
Portfolio equity release – designed to assist in building investment property portfolios.
•A structured or engineered bridging loan, specifically underwritten by our head of underwriting to look at ways of releasing equity from existing property assets in order to support future purchases.
•Interest rates from 1.2% per month.
•Max 65% LTV on property taken as security.
•“Blended” mix of first and second charge security.
Auction purchase pre-approval
•Property purchased at auction often needs to be paid for within 28 days of the date of exchange at the auction. Purchasers must therefore be assured that they have the funds to complete the purchase.
•Bridgebank Capital will provide “pre-approval” finance for a targeted auction purchase ahead of the auction to give a buyer the assurance that they have the funds to complete in the event the bid is successful.
•The decision to offer pre-approved bridging terms will be based primarily on the financial status of the applicant, an initial assessment as to the valuation of the property being purchased and the proposal to repay the bridging loan post purchase.
•The actual amount advanced will be based on valuation and not actual purchase price.
Designed for professional property landlords specialised in renovation of residential property.
•Two tier bridging.
•A bridging loan that can be taken for a maximum of eight months. The loan is split into two draw downs providing finance initially against the un-modernised valuation of the property, followed by a further advance against the uplifted value of the property on completion of the refurbishment works.
•Available to property landlords with proven experience of modernising and renovating properties.
•Loan costs structured using our unique “waterfall” pricing structure.
•Interest rate of 1.45% per month for the period of initial advance.
•Reduced interest rate of 1.25% per month for the period of the further advance.
•Valuations to report on both the before and after value of the property.
•Applicants will need to prove experience and ability to self-finance the modernisation works.
•65% loan to value.
100% purchase price – residential investment property bridging loan.
•Utilises a “blended” mix of first charge security against the property being acquired and second or first charge security over property already owned.
•Maximises available “Portfolio Equity” in order to further expand property ownership.
•65% loan to value.
•Interest rates from 1.25% per month.
•Particularly useful for property bought at a discount and requiring modernisation works prior to being tenanted.
The full article was published in Bridging Introducer October 2012