Core strengths

It's been two weeks now and I have only just recovered from my forfeit challenge from one of our packaging partners in Cardiff...

Section: Opinion

 

It’s been two weeks now and I have only just recovered from my forfeit challenge from one of our packaging partners in Cardiff. This was to join him in a gym circuit training session should he have achieved a certain level of completions in a working month. Lucky old me - he managed to do this!!!
Anyway I nervously turned up at the gym with my colleague Lorenzo, who decided to join me for moral support. Walking through the door I noticed a number of training stations, twenty to be exact, with what can only be described as intimidating. These would include exercises such as tractor tire flipping, sled pulling and pushing with heavy weights, kettles bells and TRX cables to name but a few. All of these exercises involved using compound muscles which also requires you to develop good core stability.  I say ‘stability’ but after an hour of running, pushing, flipping, jumping, pulling and hitting I felt all my ‘stability’ had left my body and been replaced with a bouncy castle.  
Core stability is a great phrase though, this got me thinking about the major compounds that stabilize and build a good core to any bridging lender or funding an application. The core contributions will be understanding the types of security you are lending on and the reflective LTV’s according to risk.  
Service is certainly one of the main core values of any business.  Having the ability and experience to review an application from many different angles and understand the needs and the objectives of a client to work towards a common goal is absolutely key, whether this is the client, broker, lender or solicitor.  Communication as an element of the service offered is also essential, as without good communication by all parties, the stability of an application is questioned and will inevitably fall over.  
The types of property, and other securities a lender is willing to secure funds against, are considered a huge strength of lenders. At Lancashire Mortgage Corporation we can consider many types of commercial and semi commercial security from licensed premises to multi occupancies (HMOs), semi commercial, land with or without planning consent and the vanilla type business for residential investment security up to 75 per cent LTV of OMV.
The other core considerations when lending is the commitment from the client, their experience of and affordability when required. Clients with additional security to add to the proposition will always give strength to the application. In some instances we will look at the experience of the client when they may be looking at a referb or change of use on a property, to ensure they have experience in this area and confidence they will exit in the allocated time period. 
The final core strength is the flexibility in product offering; as a Group we offer all types of different funding options and products. The recent overhaul of the Lancashire Mortgage Corporation range has shown flexibility and strength rate across the range.  Highlights include rates from 0.75 per cent per month, discount periods extended, exit fees from zero and loan sizes increased with the additional payment deductions and roll up accepted when a clear exit strategy is in place.
With these core strengths, a business will certainly survive better than I did in the Fighting Fit gym in Cardiff.  I actually enjoyed the experience to be fair as my over competitive self kicked in and I do enjoy nothing more than a bit of healthy competition, which is why I suppose I do enjoy the short term and commercial lending markets.
 

Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/core-strengths