At the moment, and quite understandably, everyone is focused on the Autumn Statement. Given that I’m writing this prior to the announcement I’ll steer clear of what may (or may not) have been included; just to say that if we’ve seen any u-turn on increased stamp duty for additional property purchase, then I’ll be a happy man as I think it could give the housing market a significant boost. Not that I’ll be holding my breath.
I’ll stick instead to the here and now because, even though Christmas trees are already going up (in November!) I think it’s important not to get too far ahead of ourselves, and I’m certainly not of the opinion that we should be winding down; especially given the importance of these last four to five weeks not just in terms of what they mean for our overall performance during 2016, but also how they set up the start of 2017.
In this period where, quite naturally, we tend to be looking back on the year which has passed, it’s important not to forget how the pipeline of business for the start of 2017 is likely to be forged right now. For advisers and intermediaries, with non-short-term finance activity which requires greater lead-in time, offers issued now, client meetings held in the coming days/weeks, etc should all come to fruition (hopefully) in January. It is therefore going to pay to make the most of these coming weeks, especially in competitive product areas such as remortgaging, in order to translate potential into commission/fees.
There will of course be an opportunity – in the holidays themselves – to reflect on what has happened during the year but now is the time when we should all be focused on the business opportunities available, and a ‘nice-to-have’ will be business that completes during this calendar year rather than next. And it’s here where an ability to secure and deal with short-term finance/bridging loans could be the icing on the cake before the market really does shut down for Christmas.
It’s here that deals can be completed quickly and you could boost income levels immediately, rather than having to wait until a new year. Speed, of course, is often of the essence with regards to these types of finance requests. However, from our perspective we’re not necessarily looking at deals which need completing yesterday – instead the timescale is more likely to be days/weeks rather than hours and therefore it’s not always the case that bridging loans need such a quick turnaround time.
However, if that’s what the client needs then the sector is set up to deal with that type of business. The big question may well be, are you? For those advisers who come across such cases, where the requirements can be much more demanding that ‘normal’ mortgage activity, it could well feel that the pressure is on. It’s at this point when you have to be completely honest with yourself and your ability to deliver for your client. Would you be better struggling through to a conclusion which leaves no-one satisfied, or would you be far better to introduce on to a specialist who can take away all the strain, deliver the right product for your client, and also ensure your income levels from the case suffer not one bit? It’s a cliché but this can be a ‘win-win’ situation whereby introducing the case means it’s looked after plus it frees up your time to concentrate on your area of expertise.
So, as the year runs down towards its natural conclusion, perhaps now is the time to focus on both new and existing business sectors, ones that can deliver within a short timeframe as well as ones that can allow you to kick off the New Year with a healthy pipeline. After all, while it may not be your complete area of expertise, business certainly doesn’t just have to be for the pre-Christmas period. With the right specialist finance partner, it can deliver all year long.
Jonathan Caplan is director of First 4 Bridging