As one of the fastest-growing sectors of the specialist finance industry, bridging has undoubtedly seen an influx of recruits in recent times. It is no surprise, then, that workers from more conventional areas of the financial world are making the jump  into bridging. 

For some, this trend might raise eyebrows. The recent economic crisis has undoubtedly affected the perception of a few professionals from the banking industry working for a High Street lender. For others, this marks a natural progression in the development of a burgeoning niche industry.

Such a view was articulated by Omni Capital’s Head of Communications, Bob Sturges. The specialist bridging and short-term lender has recently recruited a host of mainstream professionals including Anthony Murphy, who has spent time at High Street bank Cheltenham & Gloucester, and Maria Curatolo, who once worked at Barclays Wealth International. 

Bob told us that “the shape and make-up of the bridging sector has changed considerably in the past few years. While many of the long-standing bridging providers continue to flourish, they have been joined by a succession of new entrants, both at lender and intermediary level.

“While new to bridging, the newcomers are far from inexperienced. Most, I would venture, have a background in the specialist, or sub-prime, mortgage market that boomed from the mid-1990s to 2008 when it was all-but decimated by the global credit crisis.”

He went on to add that it seemed plausible that it was the inflexibility of banks to adapt to new lending habits in the wake of the credit crunch and recent “self-inflicted scandals” that lead to bridging becoming a more attractive financial arena. He described the industry as a “flexible, nimble and able to take advantage of the best opportunities", and saw potential recruits switching from “one temporarily moribund sector to another far more vibrant and energetic one.”

At the same time he stressed that potential recruiters should not be put off by mainstream banking’s tumultuous recent past. He noted that “it wasn’t the infantry who engineered the disastrous financial problems of the recent past; it was the generals. Individual workers in the mainstream sector have much to commend them, and remain a rich recruitment source for ambitious bridging firms looking to expand.”

One of West One Loan’s recent recruits, Keir Morris, previously worked for both Lloyds and Cheltenham & Gloucester, yet was lured to bridging. He revelled in the quickly-growing industry but added that “it’s not just a case of there being far more opportunities in bridging.  I was attracted to the industry by the pace at which it moves”. 

After a 12-year career in intermediary distribution and lending, Keir found he had “always enjoyed dealing with brokers” and that “the attraction to moving to bridging was to expand my own knowledge and to make deals happen again”, adding that “it’s about people, not procedures.”

The owner of specialist recruitment consultants Virtus Search, Pete Gwilliam, has also recently seen a marked increase in the number of mainstream recruits making the jump. He echoed Bob’s assertions and identified that new recruits are ultimately suited to work in a specialist market. Despite the fact that “there is more work to do on transitioning the experience to the nuances of short term finance,” he also noted that there is “considerably less than if training someone with no experience of lending at all”.

He added that “the fundamental difference in the bridging sector is the need to make things happen quickly, whilst getting to really understand and qualify why the money is needed and how and when the ‘exit’ will happen”.

Moreover, he highlighted the importance of familiarity with any industry governance these new hires bring in the light of tightened banking guidelines. He said that “the experience of working with the regulator that compliance professionals bring is going to be highly sought after” in the specialist mortgage industry.

Bob succinctly summarised that the two industries were “different worlds” but fitting applicants would find the transition easy. “With the right material,” he concluded, “the ‘moulding’ process should not be a difficult one.”