Keeping solicitors, valuers and investors in step
The undertaking stage brings in the most outside parties and the most waiting. How tasks, files and emails tied to the loan keep it moving.
If there is one stage where bridging loans lose days, it is the undertaking stage. Solicitors on both sides, valuers and funders all have their part, and each is waiting on someone else at some point.
Put every request on the loan
A request for a valuation report, a question for the borrower's solicitor, a confirmation from an investor: each should be a task on the loan with an owner and a deadline. Then the question "what are we waiting for?" has an answer on screen.
Files and emails belong to the loan too
Valuation reports and undertakings arrive as attachments. Filed against the loan the moment they arrive, they stop being something one person knows about.
- Solicitor: undertaking received, task closed.
- Valuer: report attached to the loan.
- Investor: funding confirmed by email, logged on the loan.