ADVANTAGE ONLINE | JUNE 2024 5
still being serviced and that the landlord is achieving the return they require .
One of my comments last month about the length of time a bridge is taking to complete has received a lot of feedback from both sides of the chain . What seems clear to me is that maybe we need to look at defining to the market what a bridging loan is and its true benefits . Yes , sometimes speed is needed for a bridge , but in many cases a bridge is needed due to either the type of property or its current state not being appropriate for a term loan , whether true commercial or BTL . We are seeing more commercial properties being developed into residential use and larger residential properties being changed into HMOs . Is there always a need for speed in these instances or understanding the exit and timelines to complete that are more important ? A bridging loan is a multipurpose tool that should not be labelled as a one-dimensional speed option .
It would be good to get more feedback from both members and Lender and Professional partners on this and about how we can change this perception and make it clearer for all involved .
As we enter a busy July , we have the election and all that brings , but we also have the Euros , the Olympics , Wimbledon and all the other fantastic sporting opportunities . All we need now is the weather to get people smiling .
Our role is to support and be the voice of the industry , so if we are able to assist you , or if you have any topics you might be keen to learn about in future editions of FIBA Advantage Online , please get in touch at enquiries @ fiba . org . uk or call direct on 0330 002 0987