This page contains a Flash digital edition of a book.
Bridging lenders turn the heat up By Sarah Davidson


Bridging lenders are turning the heat up on their trade bodies after the Financial Services Authority shone a spotlight on the growing short-term market in its Mortgage Market Review. Colin Sanders, chief exec-


utive at Omni Capital, said: “I hope 2012 is the year in which we see the emergence of truly effective and repre- sentative trade bodies for the sector.


“The basis for this already


exists and the more mature bodies, such as NACFB, per- form a sterling service for their members. But more can be done and as short- term lending continues to emerge from its previously ambiguous past, there is a pressing need for our trade bodies to evolve from ‘club- biness’ to become the seri- ous,


vocal and articulate


champions of the sector.” There are currently three trade bodies that operate in the bridging sector includ- ing the National Associa- tion of commercial Finance Brokers, the Association of Short Term Lenders and


the Association of Bridging Professionals. Adrian Bloomfield, chief


executive of the ASTL, said he felt Sanders’ comments were “almost unfair” given the lobbying he has done on behalf of members in the past four years. Bloomfield said: “We want to reinforce and continue the work we have done over the past three or four years to raise awareness of the short-term sector as differ- ent from long term lending. If there had been no effec- tive trade body in the run up to the MMR there would not have been a section dedicat- ed to the short-term sector.” He added that he felt this


showed the ASTL was “very effective” and “highly re- garded” by the FSA. Mark Posniak, head of


marketing and operations at lender Dragonfly Property Finance as well as a mem- ber of the ASTL execu- tive, agreed that the bridg- ing lender trade body had achieved “a hell of a lot” in the past few years. But he acknowledged: “It is difficult to have one voice


in bridging because the dif- ferent trade bodies have different agendas but to discount what the ASTL has achieved is not entirely fair.”


And Posniak added that he thought there was room for the ASTL to “widen its scope” to make it more representative of the short- term market. “I would also agree with Colin that we do need to move away from the perception of clubbiness,” he added. “I think the ASTL is making an effort to be ac- tive and widen its member- ship.”


Adam Tyler, chief execu-


tive of the NACFB, said he agreed with Sanders that further discussion to agree the responsibilities of each bridging trade body was needed and he also voiced concern that bridging had been singled out in such de- tail in the latest MMR. He went on to say: “The latest MMR consultation paper dedicates just three pages in its data pack to business lending. From that we can only conclude that the NACFB has been doing


Fast-building a reputation as the home for BTL.


Whatever the Bank of England’s decision on base rates. Aldermore has it covered with a full range of variable and fixed BTL mortgages...


its job properly over the last 20 years. We engage with the FSA whenever we need to. This is how a trade body should operate.”


Meanwhile Lucy Hodge,


executive committee mem- ber of the AOBP, said recent growth in the bridging sec- tor meant more regulatory scrutiny was inevitable. She said: “Whilst the AOBP does not believe short-term finance forming part of the MMR will be particularly helpful to the sector we do see it as a good thing that it has at least been recognised as a niche product.” Robert Sinclair, director


of the Association of Mort- gage Intermediaries,


said


given the increased focus on bridging by European regu- lators and the FSA, having a coherent trade body voice was important. He said: “A simple and cohesive voice will have much more trac- tion with the regulator. Given the increasing focus on the short-term sector, it’s important bridging and short-term lenders have a consistent voice represent- ing their interests.”


FOR INTERMEDIARY USE ONLY


To find out more call 0333 321 1000 aldermore-mortgages.co.uk


www.mortgageintroducer.com MORTGAGE INTRODUCER FEBRUARY 2012 5


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52