In regards to its progress, Mark Abrahams, Director at West One Loans, said: “The loan book has been growing exponentially. We have found the more the company becomes streamlined and efficient, the time it takes to execute a deal gets shorter and shorter.”

We sat down with Directors Duncan Kreeger and Stephen Wasserman, to get the scoop on all things West One.

B&C: So, how has business been going and what sort of things are in the pipeline?

S: Our future plans, more of the same, we hope to launch new products on a competitive basis. We have been seeing month-on-month growth. We currently have 17 members in the team and in the future we may be looking for more underwriters. We work with all the main packagers, all of the major ones on the AOBP, but we wouldn’t want to name names.

D: Our plan is to continue to thrive; we are the principal lender on all of our loans. We have a diverse product range, first and second charges commercial loans, 18-month long bridges.

B&C: How have your due diligence and credit check procedures changed since the incident earlier this year and what would be your golden piece of advice to lenders?

S: Lenders learn through experience, we have completed in excess of 800 loans since our launch. We have very robust procedures in place. We are always learning new things as we gain experience. Everyone has their own appetite; we complete our business as diligently and robustly as we can. It wouldn't be appropraiate for us to advise other lenders about how to run their own business.

B&C: West One’s fastest bridge to date?

Both: West One were approached by a borrower earlier this year who was let down by another lender. Their enquiry for a £36,000 second charge loan was lodged on the 2nd of February and it was completed the next day.   The loan was for a new property purchase with a term of 6 months.

B&C: What are West One Loans’ rates at the moment?

S: Our rates are at 1 per cent. We are not rate driven; we are more focused on service. Our introducers rely on the fact that we won’t change them at the last minute. Our headline rates are our headline rates.

B&C: What are your predictions or observations about the bridging industry?

D: In the bridging industry we are seeing new lenders arise but there is definitely a core of the best lenders who have a good following, which means the new are faltering. Another thing is the converting of commercial to residential, much easier to add value on that than relying on planning permission. 

S: The pressure on rates is starting to lessen and it’s more about service. In terms of lending, high street banks are not getting back to where they were, or ever will do.

B&C: What do you guys think about lenders moving up to Scotland?

Both: Every lender has different appetites; WOL has always lent up there. There are important legal differences to be aware of with Scotland. However, we are sure that before lenders go up to Scotland they will have adapted and analysed the market accurately.

B&C: Your opinion on Unregulated Collective Investment schemes:

S: It’s someone’s choice on who to invest with, the question of whether they are regulated or not though is important obviously. However, there are other lenders that are unregulated and have correct and valid conduct with the loans they write, so it’s difficult to comment. There are so many different schemes it’s hard to give a general comment on one, we plan to touch on this subject at the upcoming Association of Bridging Professionals (AOBP) AGM event.

B&C: Is regulation on the cards for WOL?

S:  We're hoping to do a fair amount. WOL are aiming to be the last kind of traditional bridging lender, being honest with our introducers and in our underwriting. Never changing loan terms and rates once they have been set.

The AOBP event referred to in the interview takes place on Thursday, 24th October. The popular annual event will feature lender, intermediaries, valuers, solicitors and other guests as the association enters its fourth year and celebrates the last 12 months of bridging and specialist finance.