West One Loans held its first Quarterly Broker Breakfast last week on Thursday the 6th of March. The event acted as a networking opportunity for attendees as well as a platform to hint about new products.
When reflecting on the event, Katie Shove of Jones Lang LaSalle said: “A useful and enjoyable breakfast with a variety of interesting speakers.”
Mark Sarratt of commercial finance broker PCF Limited said to the lender: “Thanks for an informative and well laid on seminar.”
While commenting on the event’s characters, Richard Gale Mortgage Executive at Charnock Hughes said the event had: “Very interesting speakers providing up to date insight into what they can do for us.”
Duncan Kreeger, Director of West One Loans, comments: “The bridging industry keeps moving from one exciting year to the next – yet 2014 already feels like a completely new chapter. In the space of around five years short-term secured lending has modernised, professionalised, and already doubled its level of gross lending. But now we have an economic tailwind, which will allow us to reap the benefits of that hard work like never before. The UK is finally shifting up the gears – and brokers and lenders alike are benefitting as property leads the economic charge.
“Getting some of the major players in a room together is always a great social occasion – but the buzz this time is I think a sign of things to come. To keep up with demand this year the hard-won experience and expertise of brokers will be invaluable.”
Guest speaker Gary Moore, Senior Manager of Business Development London and East Region for Lloyds spoke about the firm’s development finance offering. On reflecting on how Lloyds can liaise with West One Loans he said: “Where we perhaps see synergy with Nick and the guys is that if you bridge it with them and then and once you are getting to the roof stage or the refurb and then you want us to take out the finance then we will help out on that basis.”
Gary Moore also expressed Lloyd’s intentions to lend to viable and profitable businesses, while steering away from the riskier deals. He mentioned the firm's successfull year in the commercial space despite the market retracting by around 3 per cent.
West One Loans has 18 to 19 staff members, with a business ratio of residential to commercial loans of 80:20. On first charge mortgages to second, its ratio sits at 70:30.
The firm announced at the event it has completed £320 million in loans since its launch with £120 million of that occurring last year. This spreads out to be around £10 million per month.
The event attracted brokers from across the sector including, Kit Thompson from Brightstar Financial and Zed Lorgat from JM Financial.
Duncan Kreeger, hinted at the suite of new offerings the lender is poised to launch in the near future. More on this as it develops.
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