Media Hub | News | 2017

Brokers frustrated by poor lender communication

Just Cashflow Research has confirmed commercial brokers' major frustration

Research has confirmed that commercial brokers' major frustration with lenders is poor communication that leads to delays in getting their clients over the finishing line.

Just Cash Flow PLC's broker survey revealed that 46% of respondents felt extremely frustrated with not being kept informed of case progress, closely followed by 38% who felt equally frustrated by the inability to talk directly to lenders and experienced emails and calls not being answered.

Just Cashflow director John Davies (pictured above) explained: "We didn't really need a survey to highlight the importance of good communication, but it is important to understand brokers' frustrations.

"We are constantly looking to improve communication through the use of technology and good old-fashioned common sense.

“We have invested in a broker portal so cases can be tracked and brokers can see exactly what stage an application is at.

“However, common sense kicks in if we can see that a client hasn't responded to our request for information.

"We realise that time-starved businesses have a lot on their plate and rather than wait for a response, we contact the broker and ask them to give their client a nudge as this will really help save time and help get the deal over the finishing line."

Positive Commercial Finance worked with Just Cashflow to provide a fast, flexible solution for one of their client’s – a professional landlord.

The client – who was operating through a limited company – planned to purchase a property at auction and then get planning permission to convert it into two flats with the intention of letting them.

Just Cashflow developed a solution for Positive Commercial Finance and their client that involved securing a two-stage solution of 100% funding for the purchase price, followed by 100% funding for the conversion work, which was released once the planning consent was in place.

The funding was secured by way of a first charge on the property purchased, plus a second charge on another investment property owned.

Once the works were completed and the flat let, the client refinanced with a standard buy-to-let mortgage at 75% of market value, enabling them to release some funds for his next project.

Samantha Williamson of Positive Commercial Finance said: “The whole process was very slick, with email and telephone updates at every stage of my client’s application.

“And commission payments were received very quickly and within just a few days of completion.

"The speed and flexibility of the Just Cashflow Revolving Credit Facility really does set them apart and enables us to get client's deals over the line."

Original Article

Date Issued March 2017.

Follow @justcashflowuk on Twitter for more like this.

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