Specialist lender MT Finance has just announced the launch of regulated bridging products across a selected panel of brokers.
Entering the Regulated Bridging Marketplace
MT Finance has entered the regulated bridging market after assessing the needs of their clients. The London-based lender, who has won The MoneyFacts award for Best Service for the last 6 years, recognised a gap in the market for those who rely on bridging finance for liquidity and tight turnover time for transactions.
Gareth Lewis, MT Finance’s commercial director, explains:
“Nobody wakes up in the morning wanting bridging finance – they have a specific transactional need”.
In order to meet these needs, they are working with regulated bridging products which are currently available to a select panel of brokers.
How Does it Work?
One of the key functions of bridging finance is its ability to get finances to an individual quickly and flexibly. As such, MT finance makes an initial assessment and guarantees to come back within one working hour with either approval or indicative terms. They aim to work quickly and, within two hours of receiving an application and supporting documentation, can produce a loan contract and mortgage illustration.
Simplifying Funding
The whole idea of bridging loans is to make financing more accessible for those who need loans. Subsequently, MT Finance has tried to streamline the process as much as possible. Gareth Lewis comments: “We have stripped back to the essentials of bridging finance.
He continues:
“A number of brokers have told us that some challenger banks are taking 24 hours to say yes to a transaction on the basis of the information in front of them, with underwriting then taking up to four days. We believe these timescales are unacceptable. Their rates may be slightly cheaper but a client may be better off paying more for a product that better suits their needs. Every bridging client wants to redeem as quickly as possible so we would argue that rate is less important than getting the deal done quickly.”
Collaboration
MT Finance’s preferred partner for the regulated bridging division is Positive Lending.
Paul McGonigle, chief executive of Positive Lending, comments on the collaboration:
“We are delighted to be selected as a preferred partner for MT Finance’s regulated bridging division.
“Our business has written thousands of bridging loans and is well known in the market for our expert advice on regulated loans. I have always been super impressed at the service offered by the MT Finance team and I am delighted that their proposition offers the same true value, backed by the very best service. One of our first regulated loans with them was funded in four days from application and it was down to their communication and drive to support us with an urgent transaction. We are looking forward to writing more regulated business with them in 2021.”