Industry expo gets rubber stamp from Bridging Lenders

Industry expo gets rubber stamp from Bridging Lenders



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With access to all different aspects of the mortgage intermediary market place, the Mortgage Business Expo (MBE) provides bridging lenders and short term funders the perfect opportunity to showcase their increasingly in-demand products to the broker community.

With many traditional and high street lenders recently being unable to provide short-term funding, bridging finance has moved more into the mainstream and demand for bridging loans has surged.

Roger Morris, Head of Sales at Precise Mortgages, told us that: “MBE has always led the way in showcasing what's new and innovative in the market place. In the past it has showcased Buy to Let, Near Prime, Commercial, Packagers and now it's the time to showcase Short Term Lending and Bridging.

“The market is set to explode due to huge demand for rental properties. It’s exciting times in the Short Term Lending and Bridging world. Lenders have massively reduced rates down to 0.75 per cent and enhanced their criteria; there really couldn't be a better time to come and see what’s new on the catwalk for 2012.”

Allan Kay, Director at Cheval, commented on the issue:“MBE is probably the premier expo. With the resurgence in the bridging market it provides the perfect place to present our products.”

It was recently predicted that bridging lenders will be making gross loans to the tune of £1 billion by the summer of 2013. West One Loans, who forecast this figure, is one of the lenders exhibiting again this year.

We spoke to Jason Fantini, Business Development Manager at West One Loans, to find out why it is so crucial to attend such an event. He explained: “Trade shows, and in particular the MBE, are very important to myself and to my colleagues at West One Loans. It’s an opportunity to meet old friends and new introducers. As a BDM they are the heartbeat of the industry where we find out exactly what the broker really wants.

“It’s the only place whereby you can do 20 meetings in one day all under the same roof. This year we’re working on a really great stand with something totally different than you’ve seen before – it’s literally mouth-watering.”

Last month, Tiuta placed 21 on the Council of Mortgage Lenders’ list of the 30 lenders that did the most mortgage business in Britain last year. We asked Steven Nicholas, Chief Executive of Tiuta, for his views on participating at the MBE. He said,“Tiuta will certainly be exhibiting at Mortgage Business Expo in November and it’s an event that we have been heavily involved in over the past few years.  

“Expo gives us an opportunity to meet with the growing band of brokers and introducers who are now active in bridging finance, as well as talk to those who may be looking at entering the sector.”

Speaking about the MBE, Terry Markham, the Managing Director at The Funding Operation, said: "Since its inception MBE appeared to be a way of brokers stocking up on their stationary orders for the next 12 months!

“However, over the last few years, with the noticeable withdrawal of many traditional term lenders it has been dominated by short term lenders and this has helped in improving brokers understanding of this niche market. Despite this, I do believe that as the numbers of available long term products increases we will see a return of the High Street lenders in increasing numbers and so it will not appear to be dominated by bridging lenders."

When we spoke to Christina Faes, Managing Director at Montello Capital Partners, he was more sceptical about previous expo’s but did indicate how useful the upcoming expo will be, not just for bridging professionals but for intermediaries and brokers.

"To be honest, going back a couple of years, the Mortgage Business Expo was pretty dull,” he said. “The feeling amongst those attending was one of doom and gloom. Whilst the broader market is still suffering the throes of extreme market volatility and uncertainty, the bridging finance market has brought some increased activity to the mortgage market.

“This is obviously positive as the increased number of lenders in the market has meant that there is more choice for borrowers and intermediaries. I understand that the expo this year will almost look like a bridging mortgage market expo!"

Last year saw over 1900 financial intermediaries attend during the event, so what better way to get the message across about the benefits for bridging who are sourcing unique funding solutions for their clients?

David Whittaker, Owner of Mortgages for Business, said: “I see bridging lenders as short-term funders as they are much more conscious of their product positioning now, with some lending for periods of up to two to three years.

“They have boomed for the last year to 18 months and are plugging the gap in terms of lending due to the full-scale retreat of the high street organisations. Banks can’t compare or compete with these funders at the moment and there are a lot of lenders joining the market and are competing for business. For short term funders, this is their time and being at the MBE gives them the opportunity to present to the whole broker community.”

Steven Nicholas added: “Exhibitions can be hit and miss, however MBE does tend to attract those brokers who are active and who want to complete business.  Clearly, with the growing strength of the bridging sector, more and more bridging lenders are now exhibiting – my personal view is that MBE is not a Bridging Expo, nor should it ever be.

“The ‘mortgage world’ is made up of many different stakeholders and it is important for the credibility of the event that it is not dominated by one sector, whether that be bridging or any other. We need a vibrant market across all sectors and MBE should try to reflect that. 

“Exhibitor overkill in terms of too many exhibitors from one sector will not help the event, and is likely to turn-off those brokers and advisers who are not active in that particular sector. Bridging lenders should be a significant part of the exhibitors list but they should not dominate it.”

Richard Deacon, Sales and Marketing Director at Masthaven, explained, “MBE is without a shadow of a doubt THE mortgage show of the year. The fact that the show has attracted so many bridging exhibitors just goes to show how strong the market is.”

On speaking about bridging lenders attendance, Jason Fantini added: “The MBE is a must attend and you’d definitely be noticed by your absence.”

This year’s Expo on November 16 and 17 at Olympia 2 marks MBE’s 10th anniversary. MBE is the UK’s largest exhibition for the financial intermediary market and it will provide visitors access to residential and commercial lenders and over 100 key suppliers.

Intermediaries can also listen to industry experts explain their vision in different areas from ‘current issues on the lender brokers market’ to alternative business streams – Equity release, Developing broker business and Buy to let.

James Prosser, MBE’s Show Director, stated: “Our tenth year gives us an opportune time to look back at what has happened to the market, but more importantly, it provides the chance to understand what future opportunities are available in order to help grow and develop in this recovering market.” 

By Jason McGee-Abe

If you have not registered for your free place yet this year, you can do so by visiting: www.mortgagebusinessexpo.com

 

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