Bridgingwatch – Rob Jupp- June 2012

It’s great to see the Mortgage Business Expo in Manchester doing so well and the event’s organiser, industry veteran James Prosser, should take massive credit for this.

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I noticed a few comments on Twitter saying that there was no point going since “there were only bridgers” – a view that I thought was staggering.

For a start, this just wasn’t true as many non-bridging firms were there. And anyway, why wouldn’t a professional intermediary want to engage with a fellow professional who might impart product knowledge that might result in an additional sale – and income?

Also, if the short-term funders hadn’t been there it’s questionable whether the event would have gone ahead. Anyway, I look forward to November’s London Mortgage Business Expo and hope it is as successful as Manchester 2012.

Following last month’s Bridgingwatch I was asked to attend another publisher’s round table debate which, as it transpired, was mainly centred on most of the content of my last article.

In it I had challenged Robert Sinclair, Association of Mortgage Intermediaries’ director, to justify his previous comments about short-term lenders that are not authorised by the Financial Services Authority.

I’m pleased to say that Sinclair was in attendance at the round table and did indeed justify his comments by confirming that the initial press release had “misquoted” him and that he had not intended to make any attempt to demonise non-regulated lenders.

It was great to have this clarified but sadly I doubt that these remarks will occupy the same number of column inches as the misquote did. That said, I suspect the bridging community will be happier now on hearing his clarification.

I also received fairly swift clarification from Precise Mortgages concerning my comments that there was some concern about its recent deals with a number of respected networks. There was an impression that these networks may only work with Precise for all their short-term deals.

I’m pleased to say that this doesn’t seem to be the case. Alan Cleary, managing director of Precise Mortgages, assured me that each network would work with a range of specialist distributors who could offer network members genuine choice.

Good luck to everyone at the annual bridging awards on June 11. Hopefully the event will showcase, in true jubilee style, the best of British.

My final comment goes to Shawbrook Bank. Since its relaunch less than a year ago Shawbrook has become a real powerhouse in lending.

It is a fantastic lender to work with on both commercial and second charge residential but it also does bridging loans at one of the lowest rates in the UK.

As a business we enjoy working with Shawbrook and I wanted to praise their staff in this article for constantly going that extra yard – it’s a Brentwood thing!

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Dealmakers

WEST ONE LOANS Completed a £1.6m loan on a Knightsbridge Pub with the loan made to a British Virgin Islands based entity. The value of the pub was £4m.

FINCORP Completed a £3m loan on a property valued at £4.55m. The property is being refurbished with a gross development value of £12m.

UNITED TRUST BANK Completed a £200,000 loan for an Irish based client who was redeveloping a property worth £700,000, which had planning permission and which allowed a cross charge against additional security.