Shopping around for a great deal on development finance has never been quite as easy as picking up a comparable consumer product; the vast majority of developers simply do not have the time, the knowledge or the energy to spend days, months or weeks researching the options available.
Consequently, it is far from uncommon for developers to set their sights on the first semi-affordable deal that comes their way. Online comparison sites are popular options which can be useful for comparing the deals available from the usual High Street names.
When it comes to the very best deals on the market, developers need to set their sights on lenders away from the High Street. The UK is home to an extensive network of specialist lenders, offering a broad and diverse range of products aimed specifically at developers.
Most of which are also highly flexible, bespoke solutions tailored to the requirements of the borrower, not the lender.
What is often overlooked is the way in which many of the UK’s most dynamic specialist lenders offer their services exclusively via broker introductions; they do not work directly with clients, making broker support the only option for accessing their products.
This is something many developers may have overlooked, finding themselves tied into highly uncompetitive deals as a result.
Whole Market Comparison for Development Finance
Working with a broker brings the benefit of having a whole market comparison conducted on your behalf. Contrary to popular belief, a typical online comparison site examines only a small fraction of the market. Particularly when it comes to development finance and commercial finance in general, a standard comparison site simply is not enough.
Experienced brokers combine their own experience with proprietary algorithms to pair borrowers with lenders on the basis of dozens of essential data points. All aspects of the application and the subsequent deal reached are tailored in accordance with the unique requirements, objectives and budget of the client.
Far beyond the capabilities of traditional comparison sites, ensuring borrowers and lenders are paired with pinpoint precision.
Flexible Lending Criteria
Along with gaining access to the most competitive deals on the market, broker support plays an invaluable role in the qualification process.
Developers, like all borrowers, do not always have a 100% flawless financial history; poor credit, a history of insolvency, no formal proof of income, newcomers without an established track record – all issues that can stand in the way of obtaining development finance.
With broker support, applicants that fall within the ‘subprime’ category can be paired with specialist lenders who factor other criteria into their eligibility checks. Issues that would result in immediate exclusion elsewhere are evaluated in accordance with other factors.
Development finance brokers exist for the sole purpose of saving their clients time, money and effort. All costs and commissions are collected from the lender, making the service in its entirety 100% free of charge for the client.
Whether you are considering a development finance application or looking to switch your current product to more cost-effective package, consulting with an experienced broker could hold the key to substantial savings.
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