Brokers target swift verdict
Second on the list in terms of priorities was interest rates and charges followed by the speed of the whole application process, the knowledge and expertise of staff and lastly flexibility.
Noel Meredith, executive director at United Trust Bank, said: “According to brokers, on balance the most important consideration when choosing a development finance lender at the moment is how quickly they can get a decision, and there’s a good reason for that.
“When a developer approaches a broker to help secure funding they will want to proceed quickly.
“A developer may already be incurring project costs and every day of delay may be eating into their margin.
“A quick initial decision from the lender enables the broker to demonstrate to their client that the lender they recommend is able to move at the pace the developer requires.”
But he added: “It is important that this initial decision is the correct one.
“Delays at this early stage might indicate to the developer that the lender will not be as responsive as they would like, especially if problems are encountered later on.
“This may in turn cause them to doubt their broker’s advice. As such, a quick initial decision from the lender will help the broker to cement their relationship with the developer from the outset.”