Gary Hemming, Commercial Lending Director at ABC Finance Ltd Thanks to Gary Hemming for the update on ABC Finance Ltd launching the United Kingdom's first bridging loan comparison tool.
Staffordshire based commercial finance brokerage ABC Finance have launched the UKs first online bridging loan comparison tool.
ABC Finance expects the tool to be used by 5,000 people in its first year. The comparison tool is designed to improve access to funding for consumers and businesses throughout the COVID pandemic and beyond.
On its launch, the system will compare over 130 different bridging loans and will continue to grow to 200 by the end of 2020. The system can provide terms instantly for almost any security including residential, semi-commercial, commercial or land.
"Until now, a true comparison of products across the market has been exceedingly difficult, with brokers often offering wildly differing terms and contacting each lender being unrealistically time-consuming." says Gary Hemming, Commercial Lending Director at ABC Finance.
The UK bridging loan market is rapidly growing and is now a £4.5bn industry. With the launch of this new comparison system, the market will now be accessible to consumers 24/7. This is expected to be the first of a number of fintech tools released by ABC Finance over the coming years [Ed- we look forward to hearing more].
Peter Hemming, Managing Director of ABC Finance said that the commercial finance market was “in desperate need of disruption, with a reasonable comparison between different lending options almost impossible to do with very few lenders publishing rates online and many brokers charging high fees for their services.
“The biggest expense that most of us face is the purchase of a property and we’re committed to saving those going through the process as much money as possible. We want to take the commercial finance market into the 21st century, through speed of information and transparency.”
Gary Hemming added “The bridging loan market is often difficult to navigate and we wanted to provide a simple way for consumers to make sure that they’re getting a fair deal.
The market is littered with clients paying high broker fees and we believe that is an old-fashioned model and the time is right to give consumers a tool that will truly save them money.”
Have something important to announce about fintech innovation or other noteworthy news on UK Fintech? Contact us here.
Staffordshire based commercial finance brokerage ABC Finance have launched the UKs first online bridging loan comparison tool.
ABC Finance expects the tool to be used by 5,000 people in its first year. The comparison tool is designed to improve access to funding for consumers and businesses throughout the COVID pandemic and beyond.
On its launch, the system will compare over 130 different bridging loans and will continue to grow to 200 by the end of 2020. The system can provide terms instantly for almost any security including residential, semi-commercial, commercial or land.
"Until now, a true comparison of products across the market has been exceedingly difficult, with brokers often offering wildly differing terms and contacting each lender being unrealistically time-consuming." says Gary Hemming, Commercial Lending Director at ABC Finance.
The UK bridging loan market is rapidly growing and is now a £4.5bn industry. With the launch of this new comparison system, the market will now be accessible to consumers 24/7. This is expected to be the first of a number of fintech tools released by ABC Finance over the coming years [Ed- we look forward to hearing more].
Peter Hemming, Managing Director of ABC Finance said that the commercial finance market was “in desperate need of disruption, with a reasonable comparison between different lending options almost impossible to do with very few lenders publishing rates online and many brokers charging high fees for their services.
“The biggest expense that most of us face is the purchase of a property and we’re committed to saving those going through the process as much money as possible. We want to take the commercial finance market into the 21st century, through speed of information and transparency.”
Gary Hemming added “The bridging loan market is often difficult to navigate and we wanted to provide a simple way for consumers to make sure that they’re getting a fair deal.
The market is littered with clients paying high broker fees and we believe that is an old-fashioned model and the time is right to give consumers a tool that will truly save them money.”
Have something important to announce about fintech innovation or other noteworthy news on UK Fintech? Contact us here.
