10 Questions with Jon Buckley of Mint Bridging

1. What does your role consist of and what roles/experience have you had in the past?

My primary role is to oversee the current loan book. However my involvement and input is at the initial review of the loan enquiry stage with the underwriting team. This insight of the loan allows me to contribute in assessing the merits of a case at the early stages of the lending process. It also provides me a working knowledge of a loan and the borrower prior to it becoming my responsibility to manage. I have held various positions within the bridging finance sector for nearly 9 years, from office based business development manager to credit controller.

2. Did you always want to work in finance? 

No, although the mock interview arranged for me (by my careers officer at high school) was with the manager of NatWest Bank back in 1980. So perhaps Mr Smith, if you are reading this, you saw something in me which took 22 years to surface. As for the interview, it didn’t go particularly well but it did open my eyes to how I needed to grow up very quickly (stereotypical spotty youth). My last career lesson was how to sign on at the dole office. There was three million unemployed at the time so the options were to find a job, sign on whilst looking for a job or apply for a Youth Opportunity Programme ‘job.’ Luckily I found a job very early and still consider myself very fortunate at a time of high unemployment.

 3. Why did you decide to join Mint Bridging? 

I am very much a people person. When I met Paul Wertheim (Operations Director) and Andrew Lazare (Managing Director) I was immediately hooked with their vision for the growth of Mint. There was an openness and honesty in that meeting which made my decision a simple one… I wanted to be part of Mint Bridging team.

 4. What one thing would you change about the bridging industry?

The one thing I would like to change is the perceived time it takes to underwrite a loan. It is inconceivable to be able to make a lending decision on little or no information apart from a postcode, in a few hours. For borrowers to have confidence in lenders decisions, they need to have patience as things take time to process. Valuers have recently commented that they can\'t be expected to write a 50 page report in 24 hours of being instructed and inspecting a property. This is similar to us as large or small loans take time to complete and this needs to be understood. We work with our brokers on realistic timescales. As we move back into turbulent times the market needs to take a deep breath. 
 
5. Would you agree that the bridging market is outstripping the mainstream mortgage market? 

Whist the market for bringing is getting more mature and growing it still won’t ever outstrip the mortgage market. It\'s about timescales in bridging and the mortgage market is about longer term security for a property. We need the mortgage market to remain strong so they can provide our exits. 

6. What exciting projects does Mint have this year?  

Our project is to keep growing the business in a controlled manner while establishing strong relationships with both brokers and borrowers alike. Project number one is ‘Project Repeat Business.’

7. What is the biggest challenge for the bridging market this year? 

It is a very competitive market out there and all lenders are competing for the same business.  We have a very large banner in our office which reads: “Better to have a bad day at the office than a bad loan." This speaks volumes about our ethics and not just about grabbing any deal that comes our way.

8. Explain the most interesting deal you have seen at Mint: 

‘Interesting’ covers a multitude of sins when we review potential cases. I enjoy seeing older buildings being given a new lease of life, while maintaining the inherent character yet meeting the requirements of modern day living. One such case we funded was on the outskirts of Leeds which was a small former mill. The attention to design detail, utilisation of space and sheer quality of the workmanship along with the clients’ vision of the project shone through. The borrower’s ideal of creating a highly desirable development was one I found interesting as the client addressed the challenges of the building and its layout yet produced 3 stunning homes. The consideration to this loan was as much about the individual as the security and his undoubted abilities as a developer. This was a project Mint Bridging was proud to fund.

9. What is your favourite part about the bridging industry? 

Within my varied work history I spent 15 years in the clothing industry. In 2001/2002 nobody sold and manufactured more wedding and bridesmaid dresses than I did! This was a very creative yet commercial environment.

It isn\'t easy to make money in the property market. My role allows me to work with borrowers who show real determination. The really successful ones know their market yet constantly review what they are doing, they learn from every project and are not so precious as to recognise their mistakes. They create something to meet the needs of the market and always look forward with a ‘what\'s next’ attitude. They are always sourcing, always looking, always reviewing and that’s why they are successful. I enjoy spending time with these individuals and playing a part in their success.

10. Who is your idol and why?

Ian Rush. Goal scoring and Liverpool legend status aside (yes, I do support Liverpool), if you watch any old TV footage of ‘Rushy’ playing football, he never stopped working for the team. He was a prolific centre forward but was also the first line of defence. A team player.