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18 | Interview
Q&A: Adrian
Bloomfield
This month’s brave interviewee is Adrian
Bloomfield, chief executive of the Association
of Short Term Lenders (ASTL)
Who are you? institutions who support the short term of the current restrictions then of course there
Adrian Bloomfield, chief executive of the lending industry are pleased to see this will again be an return of the demand and
ASTL. introduction of self-regulation and the supply of bridging loans.
imposition of rules to ensure good behavior
What is your background and and transparency of dealings. The fact that Where do you think interest
what do you feel made you there is a trade association to monitor these rates and the
suitable for your current role? things gives comfort and confidence to the housing/mortgage market will
For more than 30 years I have been involved financiers and also the brokers and the go in 2009?
in various mortgage and banking businesses borrowers who deal with the short term No one can be sure what will happen to inter-
as a broker, a lender and a financier. I have lenders. est rates and the housing and mortgage market
been engaged in consumer finance and in the early to near future (by the end of 2009).
secured loans, both residential and What does it aim to do? It is Adrian Bloomfield’s personal view that the
commercial. I have long experience and The objectives of the ASTL are set out on our housing market will begin to recover, at least in
comprehensive familiarity with the short website. These are all aimed at protecting the number of transactions, even if it will take
term lending market and all of the main members and promoting their interests. some while yet for prices to rise materially.
players involved in it. We have all seen how big an influence on
I am entirely independent and this helps What do you see in the future property values is the availability of mortgages.
me to fulfill my function as the chief for bridging loans? There are many who believe that a residential
executive of the trade association. My role is For many years there has been an property is worth the amount that a prospec-
to protect and promote the industry and all understandable market opportunity and place tive buyer can borrow against it. With this in
of the members of the ASTL. for bridging loans. Regularly buyers need to mind it is essential that every effort is made to
finance for the short term whilst they put in kick start the mortgage market so that the
What is the history of the place their plans and expectations in order to underlying demand for people to buy and sell
ASTL? make it possible to obtain a long term property and move and create households
The members of the ASTL came together in mortgage. To facilitate these circumstances begins to be satisfied again.
2007 in what was the culmination of many there is a role for the short term lending
meetings and conversations that had taken industry which is prepared to take a risk and act Who do you think is to blame
place in previous years. There was recognition quickly and decisively to enable buyers of for the recent problems in the
of the advantages of a trade association to property to achieve their objectives. We all mortgage market? Did
enable members to join together and act as a understand the current circumstances and the providers, brokers and
collective with a single voice in respect of many lack of liquidity in the financial and capital consumers get the support
of the issues that lender members face. markets. Naturally this is squeezing transactions they needed?
The ASTL was formally launched in early and limiting volumes and depressing prices. It seems to me likely that the economy will be
2008 and as part of the formation we Against this backdrop the UK Government and in the doldrums for some time and inflation
established membership rules and a code of the Treasury and the Bank of England and the will be low and in those circumstances it is
conduct which all members subscribe to. It is FSA are all playing their part in overcoming difficult to see that there will be any
understandable that the banks and financial these difficulties and as the market breaks free substantial rises in interest rates.
March 2009 Commercial finance Introducer www.mortgageintroducer.com
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