What’s the background of Capital Bridging Finance?
The company was formed in 2009. Prior to that I was not a lender– I started out as an adviser then went into the mortgage broking market for residential and commercial business and also built up a large property portfolio. Then five years ago I started to look at acquiring a bridging company. But then we ended up forming our own one which turned into Capital Bridging Finance. At that time there was a fair number of new entrants into the market. As a six month term lender we had a £25m facility with a hedge fund that allowed us to roll it twice and the availability to turn £25m into £50m, which gave us a foothold.
Capital Bridging Finance recently had a £50m investment – what difference will it make to your business?
We went to the market to raise money and got three offers of which we chose the last one. As far as having extra funding, what it does do is give us an opportunity to provide a different pricing structure and slightly broaden our product range. In the past we’ve had a narrow product range although we’ll lend from Cornwall to the top of Scotland.
Do you have any ambitions to be regulated by the FSA?
We will put in an application with the FSA at the end of the first quarter of next year. Any medium sized or small lenders recognises they’re going to have to make an application even on the basis of them wanting to be in commercial bridging in 18 months time. We all agree the buy-to-let investment business is going to go that way and and there is a strong possibility that second charges will be incorporated into that as well.
What’s the best piece of advice you’ve ever received?
Probably never give up and never give in – my parents instilled that in me when I was a young man.
If you were a super hero what power would you have?
Time travel – I’d like to see the future and there are a few things I’d like to do again.
What did you want to do as a job when you were younger?
I used to work in a golf shop on a golf course and dreamed of being a pro-golfer – but I wasn’t good enough.
When and where were you happiest and why?
July 2010 – it was my mum and dad’s 55th wedding anniversary and it was the last time all the family were together.