As we enter quarter four of 2014, in what is historically the busiest time of the year for the Bridging and Short Term Finance sector in terms of both lending and networking activity, it is imperative that the sector is prepared for what lies ahead.
With annual gala dinners and the festive ‘party’ season bringing industry peers out in force, we are set to see a wealth of networking activity taking place in the coming months. It is essential however, that a work hard, play hard ethos is adopted within the sector; recognising that there are still deals to be done.
As the year starts to draw to a close, experienced property professionals with investment aspirations remain focused on completing deals, and will therefore continue to seek short term finance to facilitate their project requirements. Lenders and brokers operating within the sector must maintain the highest level of service, ensuring that the strong reputation and perception of the sector for delivering finance within limited timescales, aligned to borrower requirements is not affected.
As the Summer period is now behind us, lenders must have the confidence and assurance that third party industry partners are sufficiently ‘geared up’ to progress the high number of bridging deals that are expected in the months ahead. It has however remained evident that following the Recession, many Law firms and Valuers have maintained a reduced staffing level compared to pre-recession levels, particularly in the Bridging sector.
Bridging Finance is synonymous with speed. It is vital that industry partner organisations appreciate this factor, and are able to sufficiently meet the service level demands required of them, giving due consideration to resource levels and service provision.
As the Bridging and Short Term finance sector continues to grow, and the demand for short term finance increases, lenders and brokers must feel confident that the supporting legal and valuation agents employed, demonstrate the same level of commitment to providing outstanding service and meeting borrower demands, as they do. It is only when all parties are working with a shared vision that the Bridging industry can continue to excel.
Overall, Bridgebank Capital is confident that the sector will be fruitful during this final quarter of 2014, but this will involve a great deal of work by all of those involved. This period will be followed by what I am sure will be a well-earned break.
Steve Woods is head of sales at Bridgebank Capital