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p>A survey conducted by development finance provider Regentsmead has revealed that the majority of brokers surveyed pointed the blame at solicitors being biggest cause of slowing down a deal.
Regentsmead kicked off the year with an introducer survey and uncovered that most brokers deem legal issues as the most likely issue to slow down a deal.
An anonymous broker commented “It can be frustrating at times but, in our haste to get a deal done, we forget that solicitors are there to protect both the lender and the client”.
Commenting on the survey, James Bloom of Regentsmead said: “We had a great response to our survey along with some excellent feedback which we will be taking on board. It’s interesting to see that a lot of our brokers predict further growth this year. Whilst I would like to share their optimism as a lender we always remain cautious of what lies round the corner.”
The survey also showed an even spread of demand for lower rates, higher LTVs and quicker turnaround on decisions.
“We always provide immediate decisions on most cases brought to us, and when we can’t provide them on the spot an introducer will get a response back within minutes. We think this should be an industry standard,” James added.
74 per cent of brokers highlighted Regentsmead’s ability to pay referral fees at offer stage as an outstanding feature of their lending practice, which means that the introducer does not have to wait for the loan to draw down to get paid out.
As an incentive to complete the survey, a lunch for two at Gordon Ramsay’s Savoy Grill was awarded to a lucky winner. The winner of this survey was Jodie Gillingham of Chase Blue Loans, who was delighted when he received the good news.
“I am stunned to win such a lovely prize from Regentsmead. Over the last four years I have been dealing with James and the team, [I] have never been let down by the service, and would highly recommend them for Development Finance,” Jodie said.
A survey conducted by development finance provider Regentsmead has revealed that the majority of brokers surveyed pointed the blame at solicitors….
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