Precise Mortgages has started the New Year off by extending its 0.65 per cent bridging product and making two bridging appointments.
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div>Precise Mortgages has started the New Year off by extending its 0.65 per cent bridging product and making two bridging appointments.
Gareth Lewis, Director of Bridging at Precise Mortgages, said: “We’ve had a hell of a start to 2014. Last week was our best ever week on record for DIP activity and our underwriters are working flat out with the level of business we have currently.
“Typically, January is a quieter month for most, but the level of new business and quality of transactions has been vast. Naturally, some of it has spilled over from December, but the phones have been ringing non-stop.”
Last week, B&C reported that the specialist lender had expanded its bridging sales team; with the appointment of Chris Parr as National Sales Manager and the promotion of Gareth Lewis to Director of Bridging.
Gareth joined Precise in October 2011 as Head of Sales, but his internal promotion is just the start of big things to come within the lender’s bridging division.
Gareth told B&C: “Bridging as a whole is very demanding and all facets of it have to work in harmony to get the optimal result.
“Now with the slight changes of structure, we can continue to grow. We’ve siloed in on the sales side of our bridging proposition, which has been boosted with Chris Parr’s appointment.”
Precise has also extended its 0.65 per cent bridging product and incorporated it into its core bridging product. Gareth said: “It’s been very well received in the market. We put the product out for a limited period at the latter end of the year, but I’m glad to say that it’s been very well received with positive feedback within the market and our activity has increased.”
“By stimulating the mortgage market as a whole with a great bridging rate, it allows our brokers to feel more confident with their clients about taking a bridging loan, as the cost of funding has been brought down to become much more palatable.”
In terms of product changes this year, Gareth said: “We’re always mindful of areas that we could move into and what we can do to enhance and add to our product range.”
“We’re looking at adding more people to the Premier Panel and naturally looking at areas of product innovation also. However, a key focus of ours at the moment is to ensure that the options and processes which we currently have our even more well-oiled and moulded to help address our brokers feedbacks and strengthen their options.”
Speaking about Chris joining the team, Gareth said: “I’ve known Chris for quite a long time and I hold him in very high regards amongst the industry. It’s great that he’s joined the team.”
B&C broke the news in December that Chris was leaving his post as BDM of Masthaven Bridging Finance, after three-and-a-half years, to join Precise.
B&C understands that Gareth and Richard Lawson, Head of Underwriting, will be working together to review the processing side of Precise’s bridging offering and the partners they work with too.
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