<
p>B&C sits down with Andrew Lazare, Managing Director of Mint Bridging to discuss transparency in the bridging market and the lender’s plans to develop its rebridging product this year.
What does your role consist of and what is your past experience?
I’m responsible for all aspects of the business, from underwriting and approving loans to analysing the loan book and its performance. I’ve been involved in bridging finance for 8 years and prior to that I ran a public company listed on the London Stock Exchange.
Did you always want to work in finance?
Yes, always. When I finished university I started working for a venture capitalist in the dot.com days, which was an amazing experience and I learnt so much. I thought I would remain within the corporate finance sphere but then decided to dip my toe into bridging finance and haven’t looked back.
What one thing would you change about the bridging industry?
I truly believe that many lenders offer a homogeneous product but package it up as something different. I think there needs to be transparency and simplicity for borrowers.
I’ve recently seen some products launched with a 0.99 per cent pm headline rate but if you read the small print it’s only for a three month period. After this period, the rate goes to 1.5 per cent pm for the remainder of the term. This headline grabbing doesn’t help the borrower choose the correct product for them. Similarly, many lenders don’t extend loans at the end of the term even though there can be a legitimate reason why a small extension is necessary.
How are you looking to take more market share this year in such a competitive market?
By continuing to provide an honest, transparent and flexible service. We work closely with brokers and tailor our product to their clients’ requirements. We aren’t a mass market lender and have no intention of becoming one – we have tremendously loyal brokers and repeat borrowers.
What exciting plans does Mint Bridging have this year?
We are recruiting new team members and are set to launch a series of new products, as well as a brand new website. We can now lend up to 80 per cent LTV and are growing our rebridging product, which is a really exciting development for us.
We’re a family company and our team puts a big focus on corporate, social responsibility and giving back to the community. This year we are launching the Mint Bridging Charitable Trust, which will support disadvantaged children, as well as hosting our annual charity golf day later this year.
If you could have one superpower what would it be and why?
The power to freeze time and magic up more hours in a day. Part of what’s so exciting about bridging finance is the fast pace, though a little more time to spend with my family and take on extra projects would always be welcome.
What is the most interesting bridging deal Mint has ever completed?
We funded the purchase of a closed down pub for 90 per cent of the value. We disagreed with the valuer’s opinion of the property and, as we are privately funded, we took a view and backed our own judgement.
The pub is now converted into four houses with a GDV of £900,000.
What are the biggest challenges for the bridging market this year?
Regulation. The introduction of MMR and other financial regulation is changing the landscape of the industry and many brokers are unaware of the changes that have been brought in, which means they need to conduct themselves in a different manner. Similarly many smaller lenders that have come into the market are unaware of impending changes.
Who is your idol and why?
My dad. He is the Chairman of Mint Bridging and offers invaluable advice and insight from a long career in business. He is completely self-made and his work ethic, determination and values have inspired me hugely. Not to mention the fact that he also provides us with all of our funding.
If you could take just three things to a desert island, what would they be?
My daughter Libby, my iPhone and my loan book.
B&C sits down with Andrew Lazare, Managing Director of Mint Bridging to discuss transparency in the bridging market and the lender's plans to develop its rebridging product this year….
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