A survey of property and asset finance intermediaries carried out by United Trust Bank (UTB) found that 41% identified uncertainty over the impact of Britain’s departure from the EU as the key challenge affecting their ability to reach their business goals for the year.
“Uncertainty over the outcome of Brexit is understandable and unavoidable,” said Harley Kagan, group managing director of UTB (pictured above).
“However, as a bank which actively supports UK SMEs and smaller housebuilders, we believe the best way to show our confidence in UK PLC surviving and thriving through Brexit is to keep providing the funds which enable our vibrant SME sector to invest and grow and for builders and developers to construct thousands of much needed new homes.
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“It’s important that those of us involved in asset and property finance continue to encourage ambition and enable it wherever possible.”
Other challenges highlighted by brokers included an increase to the cost of borrowing (29%) and inconsistent decision making from lenders (29%).
A shortage of experienced staff and the time businesses must now devote to managing regulation also concerned 25% and 22% of brokers respectively.
Just 11% of respondents believed they had no key challenges at all.
“We’re confident in our ability to keep growing our business by helping other companies to grow theirs and whatever the future brings, from Brexit, the general election or some other unforeseen circumstances, we’ll keep supporting our broker partners and our borrowers,” added Harley.
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