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p>A broker survey conducted by Dragonfly Property Finance has revealed that speed is still key when it comes to bridging finance.
Dragonfly Property Finance, part of the Octopus group, has uncovered in a recent survey that speed is the most important attribute of a lender in a broker’s eyes, the quality of relationships and communication were also highlighted as vital aspects.
These opinions stem from a survey which questioned 200 UK-based brokers on the five most important attributes to a bridging lender.
Commenting on the survey results, Mark Posniak, Head of Sales & Marketing of Dragonfly Property Finance, said: “While getting money to their clients quickly is critical for brokers, the need for lenders to offer a personalised and transparent service that keeps them in the loop throughout is also key.”
The five key lender attributes for brokers in descending order included:
1. Speed of turnaround
2. Strength of relationship
3. Communication lines
4. Flexibility
5. Rates
The third and fourth key points included strong communication lines, such as being kept in the loop at all times including the progress of an application, and flexibility. This included the ability as a lender to overcome any obstacles that may arise during the application process, assessing each deal on a case-by-case basis.
The fifth strongest attribution brokers highlighted in the survey were competitive rates, where brokers believe that finding low rates improves their reputation with clients.
It was also uncovered that commission was chosen as the lowest broker priority in the survey. It was deemed that, for brokers, it’s more important to get the deal done, as this could possibly lead to repeat client business.
Mark added: “What came across very strongly in our survey is the value brokers place on their relationship with lenders, as this provides reassurance in what can be a fast-paced and complex environment.
Flexibility is also seen as vital, and brokers clearly gravitate towards lenders that are able to adapt to their requirements and which actively listen to them. It came as no surprise that brokers consider ongoing client relationships and their own reputation to be more important than one-off commissions. Being able to add value for clients through quick turnaround times and low rates adds far more value to their businesses in the long term.”
A broker survey conducted by Dragonfly Property Finance has revealed that speed is still key when it comes to bridging finance….
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