A quarter of brokers consider “flexibility” and the same proportion “lender fees and charges” as the most important attribute when sourcing development finance. However, only 7% chose “speed.”

United Trust Bank director Noel Meredith said: “Lender flexibility is paramount in development finance when perfect proposals are rare and builds don’t always go to plan. Brokers should of course have a close eye on the costs for their clients and it’s an important factor when choosing a lender.

“However comparisons of fees and charges should take into account the possibilities of delays in the build or the sales period. Decisions made purely on taking the most optimistic view of a project’s progress can come unstuck.”

The study also found nearly two thirds of brokers were usually given complete autonomy by their clients in their choice of lender.

Referrals were the most common way for brokers working in the development finance sector to meet new clients. Of these, 37% tended to meet clients through referrals by property professionals while 36% met them through existing ones.

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Association of Short term Lenders chief executive Benson Hersch said the most important issue was availability of funding, given the low appetite among high street lenders for risk: “Speed is critical where the customer is up against a deadline to complete or exchange, for example where property is purchased on auction or where the seller is prepared to offer a discount for a quick transaction. In some cases, more mainstream lenders may initially have indicated that funding would be provided, only to change their mind or introduce new conditions at the last minute.

“Bridging lenders providing development funding are able to provide quick decisions, and many establish long-term relationships with customers, who prefer to deal with them rather than impersonal mainstream funders.”