A lack of information can make lenders question whether a case is right to take on especially in the current high risk environment, Octopus has said.
Speaking at The Specialist Lending Event (TSLE) online today, James Nunn, the lender’s fund manager, said failing to provide clarity when submitting a case was a common mistake made by brokers and could delay the process.
Nunn said: “There has to be clear information on the property, the location, the purpose of the loan, the borrower and a clear exit.
“A lot of the time we find borrowers or brokers haven’t considered the exit and it’s something that’s very important to lenders. Especially with bridging which for us is one to two year’s finance.”
He said providing comprehensive details helped keep the time from application to completion down to a minimum.
“If that’s not clearly thought about or clearly communicated to us, it puts a little element of doubt as to whether this is the right borrower or the right loan to be doing,” Nunn added.
“Especially when it comes to situations that we’re currently in at the moment – pandemics or recessions – where lenders are being slightly more particular with their lending.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS