One of the main questions we receive from brokers and borrowers alike is “How quickly can funds be released?” It’s not always a clear-cut answer and can be down to a number of factors. Greenfield Mortgages has been known to complete in as quickly as 7 days. To achieve quick timescales like this however is dependent on several factors, a few of which have been outlined below.
One element of Greenfield’s process that automatically makes the pace of our service quicker is the fact that all underwriting is conducted from the beginning of our process. All cases will receive a same-day decision on all enquiries.
Having an experienced BDM onside will also help to ensure the process goes smoothly and leads to a successful outcome. BDMs who are experienced with bridging finance will be more familiar with the process meaning they can work through the jargon and help guide a case through to a successful outcome.
Selecting the right solicitor can help speed the bridging process up too. Asking your solicitor if they are experienced in dealing with bridging loans is a good starting point. Being honest about the desired timescale expectations from the beginning is also a good place to start. By being open about your expectations, this will help to establish if your chosen solicitor can help achieve the desired outcome.
It’s also important, to be honest about your timescale expectations from the start. This will help to establish if the solicitor can help achieve the desired outcome.
Finally, a key element of ensuring a bridging loan reaches completion quickly is having a strong exit strategy. Having a strong exit will ensure the lender that there is a clear plan of action for how the loan facility will be repaid when it reaches the end of its terms. You can read more about exit strategies here.
If you would like to learn more about Greenfield Mortgages’ range of bridging products, please email Averil@greenfieldmortgages.com or give our team a call on 0121 233 1188.