In Partnership with
Time to shine
Specialist finance – and bridging in particular – is in the spotlight like never before, as the latest Mortgage Introducer Executive Insights discussion has heard
Sonia Mann
Roma Finance
Industry experts
Paula Purdy
United Trust Bank
Phil Trem
MarshBerry
Trevor Baldwin
Baldwin Risk Partners
Part of the senior leadership team for Roma Finance, Sonia Mann executes the commercial strategy and manages the sales team to enhance the lender’s partner and borrower experience and business growth. Mann has been in the financial services market for 26 years, including with notable firms before Roma, such as Crowd Property, Santander, and Together. She is focussed on building relationships and understanding the needs of partners and customers.
head of field sales,
Roma Finance
Sonia Mann
With a 23-year track record in specialist finance sales, Paula Purdy has worked with lenders including Shawbrook Bank, Octopus Property, and, most recently, Together Money, where she was head of intermediary sales for the north division. Purdy has a broad range of experience in the specialist property finance industry, with extensive knowledge of bridging, residential and commercial real estate finance, and buy-to-let. She is known for her ability to deliver results and maintain excellent relationships with brokers.
head of sales,
United Trust Bank
Paula Purdy
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Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
MarshBerry
Phil Trem
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Baldwin Risk Partners
Trevor Baldwin
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Vault Plus Mortgage and Finance Consultancy
David Merison
“Looking at what's happening at the moment, and the kind of business that's coming in, that's giving us confidence … we are seeing a lot more refurbishment projects”
Sonia Mann,
Roma Finance
AS MORE borrowers struggle to meet mainstream lending criteria, specialist finance is attracting more attention than arguably ever before, giving bridging finance a greater chance to shine – and attract new custom. It is a hugely exciting time for those involved in the sector.
To discuss the bridging market, Mortgage Introducer brought together two key industry experts to share their insights. They were Sonia Mann, head of field sales at Roma Finance, and Paula Purdy, head of sales at UTB Bridging Finance (United Trust Bank).
Mann began the discussion by saying that Roma Finance offered a flexible range of property lending solutions. “We are a specialist lender who loves to lend,” she explained. “How we differ from some lenders is probably our borrower-first approach, where we will look at the borrower more than the actual property that's offered as security, [and] try to understand who the borrower is and their passion, as we want them to prosper in the project that they're putting forward to us.” Mann added, “We have nine funding lines, and this does include banks and building societies. This allows us to be flexible, agile, and able to create more solutions for our customers.”
Purdy agreed that the client profile was important for UTB, too. It was regarded as a trusted partner within the bridging market, she said. “We have a surety of funding, being a bank,” Purdy said. “We’re very established – over sixty years in the market, and we raise our funds through our deposit savings accounts. So I think for a lot of brokers and a lot of investors and borrowers, at the moment, it's just knowing that they can work with a bank where the funds are going to be available. There's flexibility and a common-sense approach to the lending.”
“Perhaps we're going to have to look to be more flexible, as the markets are still so uncertain … [it’s about] keeping close to the market, and keeping close to your brokers and your customers”
Paula Purdy,
UTB Bridging Finance
Next, the panel considered the factors that were particularly important to brokers and their clients when they're looking for a lender. Trust, they agreed, was key.
“That's very, very important, I think, for brokers and customers alike at the moment to know that they're dealing with a company that they can rely on,” said Purdy. “So I think it's offering the terms, them knowing they’re credit-backed and knowing that the funding is there for whatever project they wish to undertake. I think also with brokers, they value good people. So they value good business development managers, good internal contacts within the lenders.”
“Borrowers have had it really tough,” Mann said. “The exits, let’s say, that they planned six to 12 months ago have had to change. That's resulted in re-bridging, re-loan, extensions. So that's really affected the borrowers. So the profit that they planned to make on a particular property investment project is really marginalised and it's smaller than they'd hoped. Rental ratio has really affected some lenders, so then that, again, has changed the exit strategy for a lot of borrowers.”
Both panellists then shared what they particularly enjoyed about the bridging market.
“It's the ability and the demand,” reflected Mann, “knowing that you can help a property investor move things very quickly and efficiently, because you know you've got a good product, you've got a good process, you've got a good team that can actually support what is needed to get the transaction done. I think that's
The panel considered the current market and its demands.
Purdy noted the fallout from the tenure of Liz Truss in Downing Street and her infamous mini budget, which, she said, accelerated base-rate increases and drove up pricing. “I do think there is still a market, and a strong market, for bridging,” she commented. Purdy added that there had been an increase in customers asking for extensions on bridging deals because the volatility of the market meant that the exit had looked very different when they first
Purdy noted, “I think what we find quite interesting at UTB is that those who don't really respond or want to work with you as a lender and keep up close contact are the ones who are going to find it very difficult when the maturity date is up. So I think it's being transparent as a borrower, engaging with your lender – keeping them updated is key, and keeping on top of the situation.”
Bridging in numbers
entered the arrangement. “The extensions are more important than they have ever been,” she added.
Mann, meanwhile, suggested there was a higher demand than many bridging lenders had experienced before. “The bridging facility is no longer looked at as an expensive option,” she observed. “It's actually looked at as more of a cost-effective and efficient way to purchase property and land, with good rates, good fees, bespoke products, innovative ways of lending.” She added, “It’s created buying power for a lot of property investors. There's been a drop in house prices, which actually has meant that, for property investors who want to invest in this market now, bridging is a good option. I think the challenge that a lot of borrowers are facing is the choice. So, they've got a lot of choice of bridge lenders, but it's picking the right one for them, and that's especially difficult if they're not using a broker.”
Although neither Roma Finance nor UTB offers business bridging loans, the discussion moved to short-term commercial finance and how it had been affected.
“I would say that rates are not now the main focus in short-term finance when a customer is looking for a lender,” Mann said. “They want certainty of funds. I'd say speed is still important, and probably a little bit more than it has been.”
Purdy responded, “There's been quite a hit on rates for commercial assets, and you can see that particularly on term deals. The lenders who choose to lend in the commercial space, they're having to increase their rates considerably, and also having to look at the asset and whether it's a favoured asset or it’s a good piece of security for them, given this turbulent market that we find ourselves in.”
Mann concurred. “I think that synergy between teams is really vital, to make sure that we can get transactions over the line, in the right time – quick decisions, making sure that they've got access to decision-makers. They want a lender who isn't just looking at the asset – they're looking at the applicant, they’re understanding the applicant.” She added, “One key thing that brokers especially need from a lender is actually good communication.”
How, then, did the panel assess the priorities of property professionals, including landlords, for growing their businesses?
Mann believed they needed a rationale for the decisions that lenders made. “If a lender is saying, we can only offer 65 per cent loan-to-value on this particular transaction that you're looking for, what's the rationale behind it, to understand the decisions that we're making for that particular deal?” she explained.
Purdy added, “Never has it been more important for customers to work with brokers. I think the brokers can really help and assist clients, but I do think there's a huge education piece with brokers regarding bridging. I think by doing that it enhances the brokers’ brand as well, which is good for the industry as a whole.”
To what extent were current market conditions having an impact on exit from a deal?
Read on
The conversation turned to how confidence in the sector could continue to be built.
“I think it's about due diligence on the part of the brokers and ensuring that they capture all the information,” Purdy said. “So, in other words, they really do get close to the customer and understand the proposed exit and ensure they ask enough questions and really understand it.” She welcomed recently introduced certified qualifications in specialist finance as adding credibility to the sector. "I would encourage any broker or lender staff to really explore that and get the certificate – I think it adds kudos to your business,” Purdy commented. “Consumer duty has played a big part, obviously, over recent weeks. I think never has it been more important with regard to price and fair value alongside the service proposition.”
Mann added, “Just looking at what's happening at the moment, and the kind of business that's coming in, that's giving us confidence – the property investors who are experienced and knowledgeable and know that actually, this is a good time to buy, and it's a good time to get involved in maybe a commercial purchase.
what motivates me, knowing that I've got a good team behind me, a good team in the business that actually will deliver results.”
Purdy said, “For me personally, it's all about adding value to a broker’s business, and in turn helping their customers. I've been in specialist lending for 23 years, and it's the thing that I enjoy. I'm very proud to be part of our industry. I think it has some great people in it.”
Finally, they turned their attention to the (not-too-distant) future – and what the rest of 2023 and into 2024 might hold for the bridging market.
Mann was hopeful that the Bank of England base rate would stabilise. “It will give property investors more confidence, increasing the demand for bridging finance,” she predicted. “There's some new, novice bridge finance borrowers, and they've had good experiences, let's hope, and they would come back and do it again.”
She added, “I think refurbishment projects will continue to rise. But I think also property landlords/investors will actually begin to hold the properties rather than maybe flip.”
Purdy said that as a lender, UTB needed to be prudent. “Perhaps we're going to have to look to be more flexible, as the markets are still so uncertain and don't look like changing particularly, even into the latter part of 2024,” she said, concluding, “So, I think it's [about] being flexible, it's being agile, it's revisiting your products, it's keeping close to the market, and keeping close to your brokers and your customers.”
Committed to lending and providing a borrower-first experience, Roma Finance works with its partners to provide finance to investors, developers, and landlords to help them create wealth through property. Its approach is to underwrite the borrower before the property and have solutions for a multitude of property project scenarios, including auctions, conversions, refurbishments, standard bridging, developer exit, below-market-value properties, and development finance. Its solutions are tailored and available on residential and commercial properties. It requires minimal documentation, with intelligent underwriting that ensures the process is streamlined and fast.
Find out more
In Partnership with
Time to shine
Specialist finance – and bridging in particular – is in the spotlight like never before, as the latest Mortgage Introducer Executive Insights discussion has been hearing
Read on
Trevor Baldwin
Baldwin Risk Partners
Phil Trem
MarshBerry
Paula Purdy
United Trust Bank
Sonia Mann
Roma Finance
Industry experts
Part of the senior leadership team for Roma Finance, Sonia Mann executes the commercial strategy and manages the sales team to enhance the lender’s partner and borrower experience and business growth. Mann has been in the financial services market for 26 years, including with notable firms before Roma, such as Crowd Property, Santander, and Together. She is focussed on building relationships and understanding the needs of partners and customers.
head of field sales,
Roma Finance
Sonia Mann
With a 23-year track record in specialist finance sales, Paula Purdy has worked with lenders including Shawbrook Bank, Octopus Property, and, most recently, Together Money, where she was head of intermediary sales for the north division. Purdy has a broad range of experience in the specialist property finance industry, with extensive knowledge of bridging, residential and commercial real estate finance, and buy-to-let. She is known for her ability to deliver results and maintain excellent relationships with brokers.
head of sales,
United Trust Bank
Paula Purdy
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Mashberry
Phil Trem
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Baldwin Risk Partner
Trevor Baldwin
In Partnership with
Time to shine
Specialist finance – and bridging in particular – is in the spotlight like never before, as the latest Mortgage Introducer Executive Insights discussion has been hearing
Read on
Trevor Baldwin
Baldwin Risk Partners
Phil Trem
MarshBerry
Paula Purdy
United Trust Bank
Sonia Mann
Roma Finance
Industry experts
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Baldwin Risk Partners
Trevor Baldwin
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
Mashberry
Phil Trem
With a 23-year track record in specialist finance sales, Paula Purdy has worked with lenders including Shawbrook Bank, Octopus Property, and, most recently, Together Money, where she was head of intermediary sales for the north division. Purdy has a broad range of experience in the specialist property finance industry, with extensive knowledge of bridging, residential and commercial real estate finance, and buy-to-let. She is known for her ability to deliver results and maintain excellent relationships with brokers.
head of sales,
United Trust Bank
Paula Purdy
Part of the senior leadership team for Roma Finance, Sonia Mann executes the commercial strategy and manages the sales team to enhance the lender’s partner and borrower experience and business growth. Mann has been in the financial services market for 26 years, including with notable firms before Roma, such as Crowd Property, Santander, and Together. She is focussed on building relationships and understanding the needs of partners and customers.
head of field sales,
Roma Finance
Sonia Mann
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Market challenges
Published 16 October 2023
A specialist UK lender for over 65 years, United Trust Bank has provided flexible and reliable bridging finance for more than a decade. During this time, it has established an enviable reputation for a competitive range of regulated and unregulated products, award-winning service, and the ability to get deals done. Its aim is always to help brokers and their clients achieve their goals cost-efficiently and with as little stress and fuss as possible. Knowledgeable, reliable, and accessible, its experienced team understands that flexibility and speed are at the heart of successful bridging finance.
Find out more
Total value of bridging loans in 2022
£4.94 billion
Rise in lending from the previous year
17.6%
Rise compared to the pre-pandemic market in 2019
24%
Source: Association of Short Term Lenders
of loans were for investment purchases in 2022
23%
Primary reasons for bridging
Source: Association of Short Term Lenders
were for chain breaks
20%
were for heavy refurbishment
13%
Key factors
Confidence-building
“We are seeing a lot more refurbishment projects, HMOs, so that's confidence that we see. And I think, from the other side, from borrowers and brokers, they need that same confidence from lenders to say, actually, yes, we're still here, we're still lending. We want to lend you money, we'd love to lend, come to us, let's talk.”
The joy of bridging
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Copyright © 1996-2023 KM Business Information UK Ltd.
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Contact us
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About us
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MORTGAGE INDUSTRY
BEST IN MORTGAGE
MORTGAGE TYPES
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