"The result of the referendum, although unexpected, doesn’t appear to have particularly slowed down the bridging market and in fact we at Borro are confident that this will lead to more exciting opportunities"
FR: 2016 has already been a big year for Borro - do you have any exciting news or upcoming plans you can tell us about?
Our next big step is to enter into the regulated bridging sector and we aim to go live within the next 6 months. This will open opportunities for much greater volumes of business from both new and existing clients.
FR: How has the introduction of MCD and the Referendum affected the bridging sector in 2016?
MCD was a long time in the melting pot and the bridging lending market has been well prepared and supported to introduce and adapt to the changes. A common sense approach, together with specialist advice being key to ensure correct implementation.
The result of the referendum, although unexpected, doesn’t appear to have particularly slowed down the bridging market and in fact we at Borro are confident that this will lead to more exciting opportunities as potential market uncertainty can be a useful tool within our market place. We are very well placed within the sector to continue a sustained presence and loan book growth.
FR: To what extent has technology sparked growth within specialist lending?
Technology has been crucial for brokers and packagers in the post MCD environment in terms of evidencing due diligence. Our proposition has always had a big technology focus – it allows us to process greater volumes of business while still maintaining exceptional levels of customer service- key to us in operating within the bridging and HNW sectors.
FR: What advice would you give to brokers who are new to the specialist lending market?
Know your client and the market thoroughly to ensure you can consider all options available. With the specialist range of products and services offered by Borro we are exceptionally well placed to enhance lending opportunities both through our bridging loans plus we have the facility to top up these loans by lending against a client’s broader asset portfolio.
FR: If you could see any headline about specialist lending in 2016, what would it be?
“Borro complete £1 million bridge in 4 days for client on notice to complete, with the assistance of a top up loan against Luxury Assets”
