First 4 Bridging enquiries surge since Brexit vote
First 4 Bridging has seen its broker enquiries rise by 30-40% since the June vote to leave the European Union.
The Bracknell-based finance broker said development finance cases accounted for 30% of its enquiries.
First 4 Bridging expects enquiries to increase further throughout the rest of the year as lenders strive to improve stress tests and cut back on higher LTV lending.
Donna Wells, director of First 4 Bridging, said: “In the immediate period post-referendum the market was incredibly quiet as all stakeholders, particularly lenders, took stock of what had just taken place.
“We saw lending activity tail off and criteria become stricter, however since those initial few weeks we have slowly started to see bridging and development finance lenders move back into the market, with criteria loosening slightly and their appetites returning.
“This has undoubtedly developed as client and broker enquiries for finance have grown over the summer months and now into September.
“We know that this market changes quickly and the complicated nature of securing the right finance for clients means many brokers feel unable to source and advise in these sectors themselves.
“Our growth in enquiries is coming from both new and existing broker clients and we anticipate this will continue giving the fundamentals in the UK housing market, such as continued lack of supply and the delicate funding arrangements that cut across many sectors.”
First 4 Bridging has been a bridging loans master broker and packager for over 15 years.