This week's Notes from the Road is from Spotcap's commercial partnership manager, Shyam Lakhani, on his experiences in Derby and Reading...
With the success of our recent visits to Newcastle and Barnsley we looked forward to continue our meetings with local brokers in Derby and Reading. Property brokers in particular were keen to find out more about partnering with us in order to diversify their offering.
The quality of the events were first rate – Midlands based brokers clearly have an interest in learning more about new lenders. It also didn’t hurt that they were hosted in Pride Park and Madejski Stadium – appreciated by a football fan, like me.
Most of the brokers attending specialised in property financing. While it’s not an obvious fit with Spotcap’s unsecured loan offering of up to £300k, it was interesting to learn that many of the companies they help with mortgages come back with questions about how to secure additional financing. They may need extra staff for building restorations or a marketing campaign, and if the relationship is strong they will check in with their mortgage broker for advice and thoughts on how the secure these funds.
“I would always feel bad I couldn’t do more,” explained one broker I spoke with. “We are invested in our clients’ success and if we can, we like to help them out. Now I know that I can point them in your direction, which feels good. I might even try to use the portal to upload a case myself should the right type of request come in.”
While the majority of attendees in Derby and Reading were property brokers there were also some commercial brokers in attendance. Our discussions with them uncovered a feeling that loan requirements are tightening, if even ever of so slightly, with traditional lenders. There is a sense that cases are being passed on if they aren’t the best of the best.
Whether that is the case, I cannot tell you. But having a wide range of lenders and financing options is no doubt a positive for British business.