At First 4 Bridging we value the opinion of our Introducers; we aim to bring our business closer to you in order to fully understand your needs and help simplify the bridging application process.
We recently conducted an online survey to understand how brokers usually handle their bridging enquiries, what they might struggle with and, most importantly, the broker’s approach towards bridging finance packagers.
Respondents were asked how many bridging enquiries they had received and completed within the last 12 months.
- 45% of respondents said they had received up to 5 bridging enquiries, whilst a further 20% of respondents had received between 5-10 bridging enquiries.
- 25% of respondents had received more than 10 bridging enquiries.
- Interestingly, 90% of respondents have been approached by a client in need of bridging finance within the last 12 months, which would indicate that clients are becoming more aware of alternative types of funding for their projects and turn to brokers for advice
Respondents were also asked who they would approach if they had a bridging enquiry.
Nearly half of all respondents (42%) stated that they would use a packager with just over 25% saying they would go direct to the lender. This is a great sign and shows that most of our Introducers understand the benefits of using a Packager. As we do the majority of the work, this allows more time for the Introducer to focus on their core business, leaving the Packager to process their cases.
Of the brokers who took part in our survey, the most popular reasons for using a packager were speed and unfamiliarity of available products. Respondents also cited access to exclusive rates and being able access underwriters as another important factor.
At First 4 Bridging we take great pride on providing our Introducers with a fast and efficient service, whilst also being able to offer a forensic understanding of the bridging market. We also provide access to special rates, products and our in-house underwriters.
When asking “what was your main concern in using a packager?” the two most common answers were ‘control of the process’ and ‘additional fees’.
At First 4 Bridging we provide you with a dedicated case manager who keeps you up to date every step of the way. Moreover, we do not charge you or your client any additional fees. You also keep 100% of your broker fee and receive an additional procuration fee. Almost 13% of respondents cited ‘customer retention’ as another concern. We will never contact your client, unless you ask us to do so. The client remains the Introducers client, during the process and after completion has taken place.
In conclusion, the findings of this survey indicated brokers concerns about using packagers. The survey has allowed us to further identify the needs of our Introducers and ensure we meet their requirements, by continuing to provide a high level of service.
If you do have any enquiries for any of the following then please give us a call.
- Bridging Loans (Residential & Commercial)
- Development Finance
- Commercial Mortgages
- Medium Term Specialist BTL