Speed has always been an important consideration in specialist lending, and that isn't going to change. Whether a broker is arranging finance for a portfolio landlord, a complex buy-to-let transaction or a time-sensitive property purchase requiring bridging finance, knowing that their lender can move quickly is fundamental.
However, as cases become increasingly complex and brokers navigate a wider range of lending criteria and borrower circumstances, I think the quality of communication between brokers and lenders has become just as important.
A quick response to an enquiry only gets you so far. What brokers really need is to understand whether a lender has the appetite for a particular case, and how the lender might be able to navigate any potential challenges it presents. That's particularly important when approaching a lender the broker hasn't worked with before, where there may be less familiarity with the proposition or how the lender operates.
More choice doesn't make things easier
The specialist property finance market offers brokers an increasingly diverse range of lending solutions, which has obvious benefits for brokers and their clients. However, having more lenders to choose from doesn't necessarily make identifying the right one any easier, especially when a case involves something outside the ordinary.
Just because a lender appears to offer the right product on paper, there's no guarantee they will be the right choice in practice. There may be questions around a borrower's portfolio structure, ownership arrangements or, in the case of bridging finance, the proposed exit strategy, which need further discussion before a broker can establish whether the transaction is likely to fit.
This is where having a proper conversation with a lender can make such a difference. Brokers can discuss the circumstances of the case and establish what may be achievable, rather than wasting time and effort trying to interpret criteria or submitting an application only to discover an issue further down the line.
One thing I've learned from working with brokers is that cases which look straightforward at first often aren't once you get into the details. That's why it's so important to have someone who understands the proposition and can give a realistic view of what's possible.
Getting the conversation started
Specialist lending cases often involve circumstances that don't fit neatly within standard lending criteria, which makes early engagement particularly valuable.
A conversation at the outset can help identify potential issues and lead to alternative solutions which better suit the client's circumstances. Not every enquiry will result in a completed loan, or even an application, but that early conversation can save the broker and their client valuable time.
Sometimes the most useful answer is that a lender isn't right for a particular case. It may not be what the broker was hoping to hear, but knowing that early on means they can explore other options rather than spending time pursuing something that isn't going to work.
For brokers who already have established relationships with lenders, these conversations can be relatively straightforward, since they know who to contact and likely have a reasonable idea of how the case might be received.
But what about brokers who haven't worked with that lender before? They may have a perfectly viable transaction but feel less certain about where it fits or who they should approach to discuss it. There is a risk that potentially suitable cases never reach the right lender simply because that initial conversation doesn't take place.
Making relationships more accessible
This is something lenders need to think carefully about when considering how they support the intermediary market.
Regional BDMs play an enormously important role in building relationships with brokers, developing an understanding of their businesses and providing ongoing support as cases progress. Those relationships are fundamental to specialist lending, where transactions often require a more considered approach than simply matching a borrower against a set of criteria.
However, there is also a need to make those conversations accessible to brokers who may not yet have an established relationship with the lender.
That's a big part of what I'm focused on since returning to HTB to lead our internal sales team. We're developing our internal BDM function alongside our established regional team, making it easier for brokers, particularly those who may be less familiar with HTB, to pick up the phone, discuss potential opportunities and understand where we might be able to support their clients.
Our aim is to get to know those brokers, understand their businesses and the types of cases they're seeing, and help them become more familiar with what we can offer across specialist mortgages and bridging finance.
There's also the question of what happens after that first conversation. If a broker has taken the time to explain a case, they need to know what's required, who is taking it forward and when they can expect an answer. Being accessible doesn't count for much if they're then left chasing for an answer.
Speed and efficiency are always going to be crucial, but they're only part of what brokers need from their lenders. Just as important is knowing that there are experienced people available to discuss a transaction, provide clarity and help identify the right way forward.
For me, good service comes down to whether a broker finishes a conversation knowing where they stand and what to do next. But it's also about following through on what we've said we'll do. That's what gives brokers the confidence to come back to us, and it's the kind of relationship I want our team to build.
