B&C gets the inside scoop on Gareth’s decade in the industry:
What were your first impressions of the market when you joined?
When I joined the bridging market, I was an underwriter, my first impressions were surprisingly refreshing. It seemed that underwriting a bridging loan was a very logical process.
Cases are underwritten with an old bank manager’s way of thinking; do I understand why the client needs the loan? Is their profile right for us to lend? Is the property provided as security acceptable? Finally and probably most importantly, is the exit route achievable?
How do these impressions compare to your knowledge of the industry now?
The majority of the mainstream market is very black and white; a transaction has to tick all of the boxes for a case to proceed.
We all know the world isn't black and white. It's a colourful world where every transaction is different, and looking outside the box is challenging and fun.
Name one golden lesson you have learnt over the 10 years?
I'm not sure it's a lesson I've learnt or a natural trait to care. Caring about the transaction, the client, and the introducer, makes a big difference. From my very first case in 2004 to last case I saw today, I've always taken a personal interest in the deal. I’ve also learnt that you shouldn’t be afraid to voice your opinion; we have thoughts for a reason, it’s important to express them.
What is the funniest or most memorable situation you have encountered in the industry?
A recent night with the B&C team had funny/memorable moment, however I'm not sure anyone wants to hear that story.
There are some great individuals in this market, and I have the pleasure of working with them.
How have you seen the market develop?
The sector’s evolution has allowed bridging to become a more commercially viable option for a client.
When I first started the standard 1st charge monthly rate was 1.45 per cent which is always going to be hard for a client to swallow. Now a client can access bridging at 0.65 per cent per month.
The entrance of a lender like Precise Mortgages to the market has really helped widen the understanding of what bridging can do for a client and how accessible it is. Given today’s flexibility of bridging lending, it's easy to see how it's adapted overtime to meet market demands.
What can you see for the market over the next 10 years?
The biggest change I can see for the future of bridging will be the tighter regulatory control. I for one will be happy to see this.
The more the client is protected the better, at this moment in time there isn't enough continuity in how each lender lends, charges fees, interest calculations etc.. This makes it hard for a client to make a true comparison.
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