One of the outcomes of the first Capital Bridging Finance broker survey was the demand by brokers for longer period ‘short term loans’. In 2012, 50% of brokers had a regular loan length of six months with 25% reporting a 12 month emphasis. In the same survey, when asked what areas of funding lenders needed to address, the majority of brokers called for longer term loans and higher LTVs.
The second survey, conducted in February, reveals that these wishes were partly granted, with a 12 month loan term now the norm. However, the majority of those surveyed expressed interest in even longer periods.
Commenting, Keith Aldridge MD of Capital Bridging Finance said:
“We have been delighted with the response to this year’s survey with a 100% increase in the number of brokers expressing their honest opinions about what they expect of the market in 2014 and what they think of Capital Bridging’s offering and how it should be improved."
Further findings from the survey showed that the speed of clients' solicitors most frustrated the broker fraternity with, 73% dissatisfied with this aspect of the process. An impressive 92% expected 2014 levels of business to be greater than 2013.
Aldridge added:
“Our survey is qualitative, targeting just 300 specialist brokers from our data base. We will be using the feedback from these specialists to improve the broker experience with Capital
Bridging, to extend our product offering and to help support our membership with the ASTL. It is this type of information that will strengthen the reputation of the short term funding sector.
"Capital Bridging will be making some significant announcements in the months ahead and a great deal of what we will be saying will be in response to those who took the time to complete the survey. Much of the data gathered is sensitive as it will provide the foundation for our plans over the next few years and so we are very grateful for all those who found the time to complete the 13 question survey.”
