The changes are a direct response to a recent survey of 100 of Drawbridge’s key partners and are intended to further enhance the Drawbridge product offering for brokers.
The changes are:
- Bank statements. Drawbridge will waive the requirement for 3 months’ original bank statements on purchases (one month will still be required to evidence balance of funds)
- Rental cover on medium-term loans. Rental cover on deferred interest loans has been reduced to 115% cover, while rental cover on non-deferred products has been reduced to 100% cover
- Lending to limited companies. Drawbridge will not take a debenture over the company’s assets nor will it require personal guarantees on company loans where the loan-to-value is less than 50%
Mark Posniak, Marketing & Operations Director, Drawbridge Finance, comments:
“As a bridging lender, there is nothing more important than listening to brokers and responding to their suggestions and needs and that is what we have done with these changes to our criteria.
"We want to make dealing with us easier than it already is and to help brokers complete more deals. Outside of our surveys, we always encourage brokers to provide honest feedback so that we can continually improve our product and service offering.”
