Masthaven

'Every single mortgage broker' should have bridging in their locker




Bridging is a product that every single mortgage broker and adviser should have in their locker, according to Jim Baker, head of business development at Masthaven (pictured above, centre left).

During an exclusive interview with Masthaven’s sales team, Jim claimed that for those brokers that were new to bridging, they were completely reliant on being educated.

“We give them that confidence to speak to the client about those products and it enables them to move into that market,” he said.

Richard Deacon, sales director at Masthaven (pictured above, left), felt that brokers’ knowledge of bridging finance wasn’t growing fast enough.

Richard estimated that only 10–20% of mortgage brokers or IFAs knew what a bridging loan was and the various uses for it.

“There will be many brokers out there now who have said they can’t help their client to get a mortgage or to buy a house, or to refinance a house or to raise money to invest into their business, because they don’t know how, even to this day that will happen.

“And our education, and the bridging finance industry’s education, will be, ‘There can be a way for you to do that.’”

He believed that education was the secret as to why the team had been successful over the years.

Roz Cawood, senior business development manager (pictured above, centre right), felt that bridging should become a mainstream product.

“I think it should be, why wouldn’t it be?

“Because it can be a solution for people’s needs, it can stop a deal from falling apart, it can be that stepping stone to making a deal happen.

“If you’re advising your client, why wouldn’t you want to have all the options available to you?”

Neil Molyneux, head of sales (pictured above, right), stated that over the past two weeks, he had trained 47 people in one company about bridging (they had previously received bits of training from other companies).

He claimed that the emphasis shouldn’t be on educating brokers on product guides, but on the basics of bridging finance.

“Nobody asked these people, who are brilliant at what they do, 'Do you know what a bridge is? Do you know how to take a bridging enquiry?’

“It’s not just about drumming into somebody in a 45-minute session with a PowerPoint and a few little bits on the table, what bridging is all about.

“We're not training them on our specific product at that point, we're training them how to do the function, to take the enquiry, to give to ourselves or another company, and then we take them through our products and everything else.

“So, we start from the beginning of the process and then we educate them.

“It's about them actually understanding the enquiry, understanding what the person requires, and then looking for a solution for it.”

 

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