10 Questions with...Duncan Kreeger, Chairman of West One Loans

10 Questions with...Duncan Kreeger, Chairman of West One Loans




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 1.   Right, so who do you fancy off the telly?

I best be careful here, I always tell my girlfriend I don’t fancy them, but I suppose they’re all the usual suspects, Holly Willoughby, Cheryl Cole...
 
2.   How long have you been at West One Loans and where were you before?
 
I began West One Loans as early as 2001, but it’s only really been in its current form as West One Loans Ltd since 2005.
 
I’ve always worked in property. I left school at 16, a few GCSEs, no A Levels and I never went to university – I’d always been interested in property. My dad was a broker and I worked for Mortgage Next for a while. As a broker I developed a real passion for property but I’ve always been intrigued by the ways people get hold of property too, by problem solving.
 
I love problem solving; I’m always looking for the solution, so bridging is perfect for me.
 
3.   What would you be doing now if you weren’t in bridging?
 
Err... standard schoolboy answer... a formula 1 racing driver!? Or something else in property I suppose... I’d definitely be working for myself, I’m not very good at working for other people – I don’t take orders very well...
 
5. What trends within the industry have you noticed in the last 12 months?
 
I think we’ve come out of the worst of it, of people not wanting to do anything. People are getting their more confidence back now. Gone are the days when every bus driver had a Buy to Let in the background, I think these days people do property as a business and not as a sideline, and activity is definitely going up, we’re getting more and more applications, people want to do business again.
 
6. What do you predict to happen to bridging over the next 12 months?
 
I’m not sure I can predict what will happen but I know what I want to happen! I want the bridging market to get smaller. There’s a lot of money around and a lot of people are catching on to bridging as a quick and easy way to get a return, they’re jumping on the bandwagon. I’d like to see the cowboys get out.
 
But I’ve never felt like we’re in competition, I think our business is driven by service and speed. My predictions? I’m predicting that West One Loans will get bigger. Over the next five years bridging will continue to grow, I think rates might even get cheaper which will help the market grow.
 
I’ve noticed West One get a lot of repeat business, I think people come back to us even if they could get our service cheaper elsewhere; they come to us because we’re fast and efficient. Bridging is no longer the last resort.
 
7. What’s the best thing about your job?
 
I’m involved with every aspect of the business – from marketing to underwriting to generating new business – I know a loan from start to finish, which is great. And we’re lending to people who are going to make money which is great too, is very rewarding...
 
8. What’s the worst thing about your job?
 
I’m a bit too positive for that question! I don’t know, I guess the things I love about my work are the bad things too in a way. It’s all-consuming, I never leave it alone. I leave the office, go home and work in my office at home! That’s the thing about being self-employed, everything overlaps, somebody I meet on Saturday night might be a lawyer and we’ll get talking about law and before I know it I’m telling the guys about him on Monday morning.  There’s no rest from it – but I love that too. I wouldn’t go anywhere without a phone signal.
 
B&C: Really? Nowhere without a phone signal?!
 
Well, no, OK I suppose I might go somewhere for a weekend.
 
B&C: Phew...
 
       9. If your life was a TV show what would it be?
 
Right hang on, I know, what’s that show again? It would be somewhere between King of Queens and Two and Half Men.
 
10. Where do you see yourself in 10 years time?
 
I’m pretty confident. I think things will be good in ten years time. I like being busy, I have no ambition to retire, [B&C: Without wanting to give Duncan’s age away, retiring in ten years time would be a bit early].
 
I think I’ll be involved in more businesses, but I need to be careful, I’m guilty of spreading myself too thinly at times. I’d never to anything that would be of detriment to what I’m doing now.
 

 

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