Here at Elysium Bridging we have noticed a change over the last few months.
Brokers and developers who perhaps wouldn’t have historically come to us as their first choice for a short term bridging loan, are suddenly waking up to the fact that DOING THE DEAL is far more important than any indicative rate that may be quoted.
We’ve all been there haven’t we?
You come across a great deal from one of your top developers or brokers. It ticks all the boxes on the type of deal you can fund and it’s also in a great area.
I mean; What’s not to like about this project?
And then they hit you with…”I really need the most competitive rate you offer” and all of a sudden, you just know that he is going to hawk his deal around the market so he can chase the rate.
And that is absolutely fine because that is his prerogative…To find the very best deal he can for himself or his client.
So…A couple of weeks pass and suddenly, you get a call from the same broker/developer.
Unfortunately, the lenders charging the most competitive rates on this deal have decided to pass up the opportunity to actually lend on the project.
They cite all sorts of reasons for not doing the deal…”Client doesn’t have enough experience, we are too exposed in that area, client has a less than stellar credit history, we are unsure it will sell, etc, etc”.
And that’s where Elysium Bridging are different.
We are happy to work with inexperienced developers and borrowers because we UNDERSTAND THIS MARKET. We lend in England, Scotland & Wales. We lend to people with a less than brilliant credit history as long as we can see evidence it is historic or minor. We do our research on every single property we lend on so we are comfortable with the exit.
What does this mean to you?
If we produce indicative terms for you or your client, we stand by them.
As a small, independent and privately funded lender, our word is our bond and we stand firm behind every single Heads of Terms we send to our clients.
If we produce terms for you, it means WE WANT TO DO THE DEAL.
Now is that a refreshing change?