"The flexible lenders who stick to the initial agreement and don’t move the goal posts will see business levels increase."
CR: What are Grosvenor Funding’s main product areas and specialisms?
Grosvenor Funding offers fast and flexible short-term funding, we lend across England Scotland and Wales for all types of property transactions.
We pride ourselves in getting deals over the line quickly, so customers always deal directly with a decision maker. For example, a broker contacted me last Thursday at 8pm, we instructed a desk-top valuation at 9am on Friday and the deal was in legals at 12pm!
CR: How is Covid-19 continuing to affect the bridging market?
We were one of the few lenders who were able to support their brokers during the first lock down with AVMs, Zoom calls with solicitors and being able to take ‘a view’.
The flexible lenders who stick to the initial agreement and don’t move the goal posts will see business levels increase. My big concern is for the P2P/crowd funding lenders, especially with the failures of Lendy and Funding Secure. If I was a broker, I would want the certainty of knowing the funds were there, especially when funds are being taken in tranches.
CR: Is speed more important than ever in the current climate?
Definitely, which is why we are seeing our new business levels increasing. In the current market, it’s all about service, speed and getting the deal over the line. Buyers want a fast decision as they don't have time to wait around or jump through hoops.
CR: What trends do you expect to see within the short-term lending market in 2021?
We are seeing a rush of investors wanting to acquire property before the stamp duty deadline, then anything is possible in the current climate. Lenders need to be flexible and able to look at each deal on its merits instead of sticking to a fixed criteria.
CR: If you could see one headline about the specialist lending market in 2021, what would it be?
'Short term asset finance needed more than ever'.
