The Intermediary – July 2026 - Flipbook - Page 46
BRIDGING
Opinion
Underwriting must
move closer to
the borrower
B
ridging finance has
undergone a quiet
but significant
transformation. For a
long time, it was seen
as a primarily reactive
tool, for when timelines tightened,
chains broke, or opportunities needed
to be secured quickly. Defined by
speed, with underwriting siing at
the end of the process, focused on
efficient, responsive decision-making.
Today, the way investors use
bridging has changed. It’s increasingly
used as part of wider refinancing
strategies, refurbishment projects and
portfolio repositioning.
Brokers are structuring funding
across multiple stages of a project,
from acquisition and refurbishment
through to stabilisation and exit,
and in many cases, the bridge is no
longer the solution in isolation, but
one part of a wider plan involving
refurbishment, stabilisation or a
transition onto longer-term finance.
This shi is reshaping what brokers
and their clients need from lenders.
Rarely in isolation
The deals coming through today are
not necessarily more complex in
isolation, but they are oen far more
connected. A refurbishment project
is no longer just about funding the
works. It is about how the asset will
perform once completed, what the exit
looks like, whether it transitions onto
term finance, and how it fits within a
wider portfolio strategy.
In the same way, a bridging loan
used for acquisition may sit within a
broader sequence involving planning
gain, development, or repositioning.
Brokers rightly play a central role in
formulating these strategies, helping
to structure finance and map the path
from entry to exit. But while that
44
The Intermediary | July 2026
evolution has been clear on the broker
side, parts of the lending model have
been slower to adapt. Underwriting,
in particular, can still sit too far
downstream, assessing a deal once it
has already been shaped rather than
helping structure it earlier on.
That can create friction between
what is discussed at the outset and
what is ultimately deliverable once the
case reaches credit, valuations or legal
review. Given this is a market where
certainty and timing are everything,
that gap becomes difficult to justify.
Early underwriting input
Underwriting is no longer simply
about assessing risk at the point of
credit approval. It requires a proper
understanding of how the deal is
expected to progress, what the exit
depends on and where pressure points
may emerge if timings shi during the
process. If that perspective is brought
into the conversation earlier, cases can
be shaped more effectively from the
very beginning.
Exit strategies can be tested before
terms are agreed, while potential
challenges can be identified and
addressed before they develop into
obstacles. Just as importantly, brokers
gain a clearer sense of how a lender
will approach the deal in practice,
rather than relying solely on an initial
indication.
This is particularly relevant
as expectations around bridging
continue to evolve. Brokers are not
only looking for speed, but also for
clarity, consistency, and a lender that
understands how the case is expected
to progress from the beginning.
The role of experience
Underwriters who have worked
directly with brokers, and who
understand how deals are structured
HENRY MANLEY-COOPER
is deputy managing director,
bridging finance
at Hampshire Trust Bank
in practice, can bring a different
perspective to applications. They are
well placed to interpret the rationale
behind a deal, to recognise where
flexibility may be appropriate, and
to engage in more constructive
discussions. The focus becomes less
about whether a deal fits neatly into
a predefined process and more about
understanding how it can realistically
be delivered.
This was the thinking that
motivated our recent move to
strengthen our own bridging
underwriting team, moving four
business development executives and
two internal lending managers into
underwriter roles.
Changing expectations
As the role of bridging continues to
evolve, so too should the expectations
brokers place on lending partners.
Access to decision-makers is
now a fundamental requirement,
particularly for more structured
or complex cases. Brokers need
the ability to have meaningful
conversations early in the process,
with individuals who understand not
only the details of the deal, but the
wider strategy behind it.
Consistency is equally important.
The discussions that take place at the
outset must align with the decisions
made later, which requires cohesion
within lending teams that goes beyond
traditional team structures.
The lenders that stand out will not
simply be those that respond quickly,
but those that can engage with a deal
before it is fully formed and help
structure the transaction. ●
