The bridging industry should stop using misleading promotions to drum up business if it wants to be seen as professional.
That was the view of director of Alternative Bridging Corporation director Brian Rubins (pictured).
Rubins called out promotions such as ‘loans up to 90% LTV’, ‘interest from 0.5% per month’ and ‘completions in 24 hours’ for obscuring the truth.
He said: “Overall our industry is growing and maturing and so must each of the lenders and brokers who operate in it.
“We all want to attract as many new enquiries as we can and using ‘from’ and ‘up to’ may help to make the ‘phone ring or the computer ping but, in fact, building lasting relationships is far better achieved when founded on truth and facts.
“For brokers who can be relied upon it is far better for lenders to give them access to detailed underwriting criteria so that they are fully aware of terms, preferences and red lines.
“It saves the broker time and rather than relying on ‘from’ and ‘up to’ and being let down, he can say to his client on day one, these are the terms and you will get them, maybe a little better but definitely no worse.”