BridgingLenders.Com launches first bridging sourcing system

An intermediary portal dedicated solely to the short term lending market has been launched by Bridging Lenders Ltd.

BridgingLenders.Com says it is providing the first electronic sourcing system for the bridging loan sector and is solely for the use of intermediaries.

The system contains criteria data for over 25 bridging lenders, although more are being added. For the first time intermediaries will have access to a system that lets them see which bridging lenders will accept their clients, matching customers’ needs to lenders’ criteria.

The system also contains an enquiry tool that lets Intermediaries submit details of their enquiries to multiple lenders using one form.

It is free to use but intermediaries must register to be able to access the sourcing system, enquiry tool and discussion boards. The portal also contains information on trade bodies, news articles and informative guides.

The portal is the brainchild of managing director Ed Payne, formerly head of sales at SPPL and Moneyfacts commercial manager; and former IFA and developer, Roly Birkwood, who is the technical director.

Payne said: "The reaction from both intermediaries and bridging lenders has been phenomenal.

"The bridging market has grown so quickly over the last two years as borrowers have sought flexible alternative sources of funding. This system removes the mystery from bridging and allows ordinary intermediaries to find the right lenders that meet their clients’ needs."

The system will also provide intermediaries with a list of their search results as well as an email record of their search criteria. As the subject of regulation of bridging products remains a significant issue, the system will assist intermediaries in both their record keeping activities and helping to find the most suitable bridging products for their clients.

Intermediaries are responsible for establishing any commercial terms directly with lenders themselves.