Brightstar increases broker procuration fees as bridging market hots up

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Brightstar Financial has announced an increase in procuration fees for bridging deals on cases for Precise Mortgages.

For deals less than £250,000 Brightstar will pay 1.25% and 1.50% for loans above that figure.

Brightstar Financial’s Director of Bridging & Commercial, Kit Thompson said, “2013 has started with a bang. We are seeing, probably for the first time since the crash, the signs of a return to a truly competitive marketplace, with lenders looking to become more aggressive through criteria changes and reviews of their rate structures.”

He added, “ However, there is a lot more realism involved and the key will be how providers finesse their offerings while at the same time maintaining a prudent underwriting stance. I expect that the winners will be those lenders, which have access to consistent, well priced funding but whose cost base and credit control are properly balanced with their plan for increased market share. This year is shaping up to be a real feast for intermediaries, who will have access to more products at competitive rates, which can only benefit their clients.”