An interview with Davey Gurm: Diversification of business has become an important consideration for the introducer

InterBay Commercial recently appointed Davey Gurm (pictured above) as a new senior BDM for the London area.

In an interview with Bridging & Commercial, Davey discussed the changing role of a BDM, the importance of educating brokers on short-term finance and the major challenges intermediaries face in the market.

As a new BDM at InterBay Commercial, how are you looking to build stronger relationships with broker partners?

Strong relationships are ultimately built upon trust and honesty, doing what you say you will do and responding to brokers in a timely manner. I feel that it’s really important to build upon external relationships, but equally to focus internally and spend time with the teams making the decisions in head office. By understanding the challenges on both sides, I’ll be better informed and, therefore, able to manage expectations. I’ll be doing everything I can to provide a strong service commitment to my brokers, creating positive outcomes for them, the client and InterBay.

How has the role of a BDM changed in recent years in the specialist finance market?

Given the complexities that exist in today’s lending environment, you need the support of a BDM who is willing to go over and above, has the expertise to think outside the box and be able to influence decisions involving complex scenarios from the outset. For example, here at InterBay, when cases make commercial sense, we are able to seek early support from the transactional credit committee to approve cases even if this falls outside of usual lending policy. Flexibility is obviously a key consideration and again reinforces the need for a strong relationship with your BDM as they can help make a big difference.

How important is it for a BDM to educate brokers on the benefits short-term finance can have for their clients?

Broker education is a really important part of my role as a BDM and one I actively champion to help highlight the opportunities that exist across a variety of product ranges, including short-term finance.

What major challenges do you believe brokers are currently facing in the specialist finance market?

I believe there is still more we can do to help educate brokers in their understanding of limited company lending. Brokers should be confident in understanding the differences between lending through a limited company rather than say a private landlord. The broker’s role is to highlight the potential opportunity to their client and advise them to speak to an independent tax expert.

What advice would you give to brokers who are new to the specialist finance market?

I’m a great believer in trying to learn something new every day — whether it’s understanding new terminology, reading up on case studies or attending a specialist finance event, all of this will help increase your knowledge, give a unique insight into current market conditions and highlight potential business opportunities. Get to know the lenders closely by engaging with your BDM, whether it’s a face-to-face or phone-based relationship. Don’t be afraid to ask questions as even those that have been in specialist finance for many years will still learn new things on a regular basis.

Do you think the industry can do more to educate brokers on specialist finance? How else can the specialist finance industry widen distribution?

Some brokers will naturally want to stay within their niche and have no interest in specialist finance, perhaps due to the nature and perceived complexity involved. That’s one of the main reasons why at InterBay we have relationships with specialist master brokers and packager firms who take the complexity out of the equation for brokers who are not fully comfortable, but are committed to providing quality specialist solutions for their clients.

In recent times, diversification of business has become an important consideration for the introducer, as arguably specialist finance is being seen more and more as the new norm, especially within market segments such as buy-to-let. So much progress has been made in recent years to open up distribution channels and I think we will see natural progression in the coming years to further widen distribution.

If you weren’t a BDM, what would you be doing?

I would be a commercial airline pilot. I have had some flying lessons, but was never consistent enough in building up my hours. Maybe one day!

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