As part of the underwriting team at Mint Bridging, I and three others assess a loan when it comes in, to check if it’s able to proceed to the next stage. There are times when a deal can fall at the first hurdle and it’s my job to feed the relevant information back to the broker, so they are able to understand our decision making process. There are also times when a loan comes in and we only have a few days to turn it around. That is the thrill: to check the deal is good and can be achieved in the timescale required – without compromising the money we are lending.
I have 10 years of experience in the finance sector and previously worked as assistant underwriter for Towergate Professional Indemnity. My main role there was to study insurance proposals, calculate risk and make decisions on premiums. Prior to this, I worked as a personal insolvency advisor where I managed a portfolio of clients who were subject to IVAs (Individual Voluntary Arrangements).
2. Did you always want to work in finance?
I have always worked in finance so it must have come from an interest I had as a child. I always knew that I wanted to be part of a company that was growing and establishing itself in the market. At the outset, I had no idea that Mint would be so successful and I’m proud to be part of the team.
3. Why did you decide to join Mint Bridging?
I came for an interview with Managing Director Andrew Lazare and immediately fell in love with his entrepreneurial spirit and belief he could make Mint Bridging a great company. He showed me every mistake that he had made in previous businesses, for example, teaching me how to spot a fake land registry and the difference between a great deal and one that would fall over. His motto: ‘It’s better to have a bad day in the office than a bad loan’ has resonated throughout the whole company and we all admire him for it.
4. What would you change about the bridging industry?
I’d like to change the perception that a deal can be underwritten in a few hours. That and the fact that taking time to make sure we have the right security, is seen by some as ‘wasting time’. There is also a lot of talk about FinTech.
Unfortunately, technology can sometimes lead to errors - and the human eye is able to see just as well, if not better.
5. Would you agree that the bridging market is outstripping the mainstream mortgage market?
Our processes are now so streamlined that we are able to approve a loan far faster than a bank. We also have access to our own private funds so we don’t have to wait for decision makers to approve a loan. We sit around a table, thrash it out and can have a loan approved in record time.
6. What exciting projects does Mint have this year?
We have a new application and loans management system which dramatically improves our processes, response times for brokers and our post-drawdown case management. Even though we have four core loans, we are always bringing new ones to the market. Last month, we increased our loan size to £5m from £1m and that has generated a huge impact on our enquiries and conversions.
7. What is the biggest challenge for the bridging market this year?
The stamp duty levy of 3% on the purchases of buy-to-let rentals and second homes.
8. Explain the most interesting deal you have seen at Mint:
We were approached by a client who had taken out a 12-month loan with another bridging lender and sought a six-month extension. The original lender was proving to be uncooperative and it was not clear to our client if they would extend or not, and what the terms were likely to be. As a result, he was concerned about potential penalties should the original term expire. With the incumbent lender still prevaricating, the client asked if Mint would step in at this late stage to refinance the bridge as well as providing additional capital to complete the development. Despite not having a valuation to hand, we appointed a RICS surveyor who completed the inspection and report within 24 hours. We completed the loan within three days of agreeing to advance the funds to the borrower. It wasn't a straightforward loan as it was secured over five different properties, but once we agreed to fund it, we ensured the deadline was met.
9. What is your favourite part about the bridging industry?
The diversity of a working day and every day is a school day.
10. Who is your idol and why?
Billy, really, it’s a nice day for a white wedding.
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