There are many different types of lenders in the short-term property finance sector.
To help you decide who you should use, we’ve compiled a short list to help guide you
through the process.
Access to decision makers.
Your lender should allow borrowers access to decision-makers. This will
enable you to avoid dealing with third parties, where information can be
recorded incorrectly or miscommunicated to the decision-makers.
Quick turnaround
Reviewing and establishing a facility quickly is crucial in the fast-paced
property market. You need a lender who can expedite deals and doesn’t delay
applications due to the decision-maker’s absence.
Guarantee of funding
Once a facility has been granted, you don’t need the hassle of the offer being
withdrawn due to funding issues or a change in terms. It would be best to trust
your lender that the terms will not change once the offer is made.
Friendly and responsive service
No one likes leaving multiple messages regarding a case that must be
handled quickly. Deals can be lost, and clients may never return if your lender
offers lacklustre customer service. Your lender must be responsive, proactive,
and do everything possible to get that deal over the line. Complex cases often
involve unconventional income, credit, and property types. We evaluate
property value and borrower circumstances to ensure a complete
understanding of everything.
Not afraid of complex cases
If all cases were easy, everyone would do them. However, that isn’t reality.
Complex cases are part of the norm and include complex income, imperfect
credit and unusual property types. It would be best to have a lender who can
see the property’s potential value and understand the borrower’s
circumstances. Every journey has a story, and your lender should listen and
understand.
Transparency of fees
No one likes unexpected fees, not to mention changing terms. Your borrower
should clearly set out their fees at the outset and stick with the terms once the
offer has been made.
They have strong core values.
This might seem a little pedantic, but your lender should have solid ethics and
core values. Do they treat all borrowers equally? Do they practice what they
preach? Are their terms clear and remain unchanged throughout the process?
It can be easy to get lost in selecting a lender with the cheapest rate only to find that
the deal took twice as long or the funding was withdrawn at the last minute, putting everything at risk. A lender’s
reputation should stand for itself, and if you have any doubts, it might be time to look
for a lender that lives by its ethos.