MT Finance has launched into the regulated bridging marketplace.
The lender’s regulated bridging products are currently available to a select panel of brokers.
Positive Lending has been selected as a preferred partner for MT Finance’s regulated bridging division.
According to MT Finance, the decision has been some time in the making; to read more on the reasoning behind it, click here.
Gareth Lewis, commercial director of MT Finance said: “We feel some lenders have lost sight of what’s important.
“Nobody wakes up in the morning wanting bridging finance – they have a specific transactional need. Bridging finance is about providing liquidity and getting transactions done within a tight timescale.
“We have stripped back to the essentials of bridging finance. We offer a service proposition where we make an initial assessment and come back within one working hour with approval or indicative terms. Within two working hours of receiving an application and supporting documentation, we aim to produce a loan contract and mortgage illustration.
“A number of brokers have told us that some challenger banks are taking 24 hours to say yes to a transaction on the basis of the information in front of them, with underwriting then taking up to four days.
“We believe these timescales are unacceptable. Their rates may be slightly cheaper but a client may be better off paying more for a product that better suits their needs.
“Every bridging client wants to redeem as quickly as possible so we would argue that rate is less important than getting the deal done quickly.”
Paul McGonigle, chief executive of Positive Lending, added: “We are delighted to be selected as a preferred partner for MT Finance’s regulated bridging division.
“Our business has written thousands of bridging loans and is well known in the market for our expert advice on regulated loans.
“I have always been super impressed at the service offered by the MT Finance team and I am delighted that their proposition offers the same true value, backed by the very best service.
“One of our first regulated loans with them was funded in four days from application and it was down to their communication and drive to support us with an urgent transaction.”