Short and medium-term finance company, Drawbridge Finance, has made a number of changes to its lending criteria.
It says the changes are a direct response to a recent survey of 100 of Drawbridge’s key partners.
Drawbridge will now waive the requirement for three months’ original bank statements on purchases, one month will still be required to evidence balance of funds.
Rental cover on deferred interest loans has also been reduced to 115% cover, while rental cover on non-deferred products has been reduced to 100%cover
Drawbridge will also no longer take a debenture over the company’s assets nor will it require personal guarantees on company loans where the loan-to-value is less than 50%.
Mark Posniak, marketing and operations director at Drawbridge Finance, says: “As a bridging lender, there is nothing more important than listening to brokers and responding to their suggestions and needs and that is what we have done with these changes to our criteria. We want to make dealing with us easier than it already is and to help brokers complete more deals.
“Outside of our surveys, we always encourage brokers to provide honest feedback so that we can continually improve our product and service offering.”