Transparency with Bridgebank – No Upfront Fees and No loading of Costs
Bridgebank Capital have reiterated their policy not to charge upfront administration costs for processing bridging loan applications, whilst emphasising that they do not load fee charges for themselves onto third party disbursed costs such as Valuation Fees or Legal Fees. Therefore with no hidden or loaded fees charged to borrowers, broker introducers can be confident in assessing accurate costs on their quotations.
In addition, Bridgebank Capital do not pass on fees to professional firms; all valuation and legal fees are paid directly by the applicant as appropriate.
As a consequence, brokers and borrowers can clearly identify accurately the true cost of a Bridgebank bridging loan.
The reason that these points are being reasserted in this press release is that broker introducers are becoming more aware that some lenders charge front end processing fees, as well as insisting that valuation fees and legal fees are paid directly to the lender, who then disperse these fee costs accordingly. However, concerns have been raised by introducers that such lenders are actually earning out of these disbursed costs.
This does however make it very difficult for a broker introducer and borrowers, to correctly calculate the true cost of a bridging loan when comparing indicative terms issued by various lenders. Clearly accurate like for like comparisons need to be made when comparing costs between competitive lenders.
At Bridgebank Capital we do not adopt this policy. The true cost of our bridging loan offer can always be directly compared and assessed.