The astl responds to Tiuta administration

The astl responds to Tiuta administration



After B&C broke the news on Friday about Tiuta Plc voluntarily entering into administration, we are now the first to hear how this move was “not unexpected”, according to the Association of Short Term Lenders (astl)… 



Benson Hersch, CEO of the astl, told B&C: “The problems experienced by Tiuta have been brewing for some time, and the news released last week is not unexpected. It’s not for the astl to comment on Tiuta’s business model. Membership was terminated following a decision by the astl several months ago. 



“We believe that bridging finance does provide a valuable funding tool in appropriate circumstances. The astl intends to promote the association as a professional trade body, with high standards and a Code of Conduct which should ensure that members deal fairly with customers and are responsible lenders.”



The time for Associations, such as the astl, has never been so important. As bridging finance is being utilised more and more as a viable financial solution, it is up to them to represent the industry and help to promote codes of conduct and ensure that all within the industry adhere to best practice.



A recent survey, commissioned by B&C, revealed that 36 per cent of brokers polled believe the biggest problem in bridging currently is the negative perception of it. Therefore, as the bridging industry continues to grow, it is vital that there is a trade association in place that continues to push standards up



The astl will help enhance the reputation of the bridging industry and ensure that those with a negative perception will see bridging as professional, responsible and a source of finance that is here to stay.



The Association has already undergone a number of positive changes this summer, with a new CEO and executive committee being put in place and bringing with them a renewed sense of vigour. 



The executive committee now consists of:



- Allan Kay, Head of Operations at Cheval Bridging Finance;



- Andrew Bloom, Managing Director of Masthaven;



- Christian Faes, managing director of Montello Private Finance;



- Mark Abrahams, Chief Executive of West One Loans;



- Mark Posniak, Head of Marketing and Operations at Dragonfly Property Finance;



- Steve Marsh, Managing Director of Goldentree Financial Services.



Benson Hersch added, “Trade associations need to have clear rules in order to ensure that members apply high standards in their conduct of business. If a firm is a member of such an association, this means that it subscribes to its Code of Conduct. The astl sets high standards, and we expect our members to achieve these.”




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    Dave Edwards

    Perhaps a warning to brokers some months ago then might have been in order?

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