out there where developers can see potential and need funding. There’s still a lot to come onto the market in that space.” He highlights “debt forgiveness” as a growth area and gives an example of a developer whose existing arrangement on a residential and commercial portfolio with his lender is unextendable. “There’re no credit issues so
we’ll put the bridge in place so he can take a deep discounted settlement from his existing lender, get all his tenants in and finish of refurbishments and then refinance maybe six or nine months down the line. They’re cash flow yielding assets. There are a lot of opportunities in that sector.”
cash for Bridgebank to lend. He also says notwithstanding new backers poised to come onto the scene, the collective investment schemes already providing Bridgebank with funds are seeing a steadily increasing stream of cash in the doors. There is a plan A and a plan B depending on whether Goodman lands the “big ticket investment” he’s hoping for. Without it there’ll be steady growth culminating in a trebling of Bridgebank’s loan book by the end of the year but with it, he says Bridgebank will be lending “every bit as much as the two or three biggest players in the sector”. These, he confirms, are the likes of Dragonfly, omni Capital and Tiuta. “We’re not there to fund fifty unit developments,” he says when describing the type of customer he’s looking for. “But we’ve got one in the north of England with 13 units of which six were finished and the remainder were just needing to be finished off. You could see the end game and there were some pre-agreed sales.
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It would be in and out within eight months. We’re looking at that sort of thing – ones, twos threes up to tens where some of the work has been done. We’re not comfortable funding something out of the ground.”
Goodman is positive on the future size of the whole bridging market saying he believes there are still opportunities for bridging money “to come out of the woodwork” this year. “There’s still a lot of buyer opportunities
A PERSONAL NOTE When asked what he likes about bridging, Goodman pauses. For a while. “Every day is different and
throws up different challenges,” he says eventually. “It requires you to exercise your wit all the time.” It may not be rock’n’roll but
it’s definitely bump’n’grind in bridging. With so much noise a-clamouring for attention in the sector, Goodman is right that he needs his wits about him. But he’s determined and committed and he certainly seems capable of getting what he wants.
“We’ve never traditionally worked with packagers and I remain to be convinced but I think we do need to look at it. It’s changing. More and more brokers are migrating to packagers to get bridging deals put together and to access the best rates and lenders”
BRIDGInG InTRoDuCER MARCH 2012 31
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