Commenting on the bank’s decision to join, Alan Margolis, head of property loan bridging at UTB said it was important for brokers to have their own association in the same way that many bridging lenders are represented by the association of short term lenders.
He said:
“We believe that brokers involved in the short term property sector will likewise benefit from having their own association that can deal with their collective issues. UTB is committed to the short term bridging loan sector and is supportive of any venture that brings together those who are active in it."
Following media interest, the association released a statement last month defending its decision to allow lenders to become affiliate members.
Asked what he thought UTB and the association would achieve by its joining, Mr Margolis said that the London based bank believed that:
“It will be of mutual benefit to forge close links with those brokers for whom bridging loans are important The Association should provide a means for developing standards and to promote expansion of the sector."
Mr Margolis also pointed to ‘improved communication’ across the industry, a factor he hoped the AOBP would instil by acting as a platform for bridging professionals.
He added that:
“One of the benefits we foresee is that it will be able communicate the concerns of its broker members to its lender members and vice versa, and where required, facilitate a dialogue.”
Ray Cohen of the AOBP welcomed United Trust Bank’s membership and said:
“ United Trust Bank is one of the leading providers of finance for property bridging and development finance. They will bring their experience to the association and we look forward to their ongoing contribution."
