You recently published results of a survey showing brokers were dissatisfied with responses from clients’ solicitors – what can be done to combat this?
As ever education and communication is at the core of the solution.
Much has and is being done by many ASTL members to improve the situation but I think the Amicus initiative to embrace all stakeholders in the lending process is having very positive results. Traditionally solicitors have been a little precious and protective of their professional status, what we are experiencing, with the likes of Rollinsons, is that our panel solicitors are becoming more adept at supporting inexperienced firms and getting them to have a much more proactive approach to the demands of the market.
I am not an advocate of dual representation but we are striving to establish a panel of quality proactive solicitors whom our broker introducers will accept as preferred legal representation for their clients thus making the communication piece that much easier...and more productive.
Do you think the final rules for the Mortgage Credit Directive, released recently by the FCA, will change the bridging market?
Not really.
It will certainly impose further administrative headaches on high street lenders and that could be to the bridging fraternity’s advantage but the impact on us will be far less disruptive. That said we intend to press on with our acquisition plans and no doubt some of our targets will be more impacted on by the legislation so we are constantly monitoring the potential long term impact on all our businesses within the group. Of course we are growing our 2nd charge business in both the regulated and unregulated sectors so we will experience some changes.
You’ve seen a lot of growth – and a rebrand – in the last 12 months; what are your plans for Amicus this year?
To continue with our acquisition programme comforted that at the same time our funding partners and selected stakeholder relationships are supporting us as we continue to diversify our proposition.
We have a growing reputation for our consistent approach to the market and our focus on customers so we plan to build on that. This focus is an integral part of our recruitment policy and again we intend to procure high quality underwriters and other sector professionals to join our growing team
Our rebrand has been very well received and this has helped to establish our brand identity and establish a culture that is designed to see us lead from the front so our people can engage, be motivated and thus rewarded for being a leader in our field.
Do you think the reputation of the bridging market has changed, and why?
Without doubt.
It is certainly no longer the funding of last resort but it now has the potential, if you listen to some pundits, to generate a £4bn market in 2015. A massive growth from when I started Capital Bridging in 2009. Much has been done and continues to be done by the trade bodies (ASTL, AOBP, and NACFB) to educate brokers and clients in the merits of short term funding, we have long since stopped referring to it as bridging (one of the reasons we rebranded).
The spectre of regulation looms high and we took the decision last year to obtain regulated permissions to attract more business certainly but also to leave the markets in no doubt that Amicus is one of a growing number of ethical and prudent lenders who are here for the long haul and are determined to challenge the big boys when it comes to short term residential, commercial and development finance.
You cannot deny that short term lending can be seen to be expensive but as more brokers become specialist in the sector more of their clients will reap the benefits when the end profit justifies the initial cost.
If you weren’t in financial services, what would you be doing?
I always wanted to be a pro golfer but age would now prevent me from achieving that goal. I suppose my 30 years in financial services with all its ups and downs have prepared me well for life as a globetrotting adventurer in the mould of Ranulph Fiennes. I keep fit and have always enjoyed sport at the limits so traipsing across all five continents looking for new physical challenges is very appealing.
