The bridging market has been subject to some key challenges this year, and the biggest of those facing it right now are undoubtedly the aftermath of the global pandemic.
Property prices are yet to truly stabilise following the SDLT holiday-induced increase. Additionally, with the effect of the pandemic on a number of businesses, we’re seeing many bridging loan requests from developers wanting to purchase sites like office blocks to convert into residential schemes.
Some of the main areas we have seen affecting the bridging market include:
The digital revolution
From open banking and biometrics to assist with underwriting processes to automated loan or diligence process management, technology is becoming increasingly important.
Complexities in the market throw up the need for synergistic services, with providers needing to deliver a more end-to-end solution.
The industry has also been affected adversely with slow legal processes with remote working being a major cause, and this is an issue that is ongoing, even as we slowly start to return to office life.
Discover more in our CEO David Pinnington’s article in the Bridging Introducer.