"A deal might look good at first glance, but if the costs are not realistic or the exit does not work, it can quickly run into problems."
FR: Tell us a little bit about yourself and your role at Norton Broker Services.
I joined Norton Group last year as a business development manager, covering mortgages, commercial lending and bridging finance. My role is about working closely with brokers on more complex cases, helping them understand what might be possible and how to structure deals in the right way from the start.
Before joining Norton, I spent around 15 years in property development, so I came into finance from a slightly different route. I started out raising capital for large-scale schemes, including Hadrian’s Tower in Newcastle, and later worked on specialist commercial projects such as care homes, luxury HMOs, children’s homes and housing for domestic violence victims.
That experience has been really useful in this role. I have seen deals from the development side, not just from the lending side, so I understand how important the numbers, timings and exit strategy are. A deal might look good at first glance, but if the costs are not realistic or the exit does not work, it can quickly run into problems.
FR: What does a typical day look like for you?
A lot of my day is spent speaking to brokers, looking at cases and helping them work out the best way forward. No two days are really the same, because every case is different, but the focus is always on trying to give brokers clear, practical support.
A big part of the job is helping brokers use their time well. Some cases can take up a huge amount of time, especially if they are complex or outside the broker’s usual area. That is where Norton can help. We can take on the more detailed parts of the process, package the case properly and help move it forward, while the broker can stay focused on their client and on generating new business.
FR: Bridging is a major part of your role. What trends are you seeing in that market?
Bridging has changed a lot. It used to have a bit of a stigma around it and was sometimes seen as expensive or as a last resort, but I think that view is shifting. Used properly, bridging can be a very useful way to fund the right type of project.
One of the biggest changes has been the rise in build, material and labour costs. That has made some of the more straightforward refurbishments or property flips much harder to make work. The margins are tighter now, so investors are having to think more carefully about where the real value is.
Because of that, we are seeing more interest in conversions and development-led projects, such as HMOs, multi-unit blocks, mixed-use schemes and office-to-residential conversions. Bridging can be a good fit for those cases, but only when the deal has been properly thought through. The numbers need to make sense, the timescales need to be realistic and there needs to be a clear exit from day one.
FR: What do brokers value most when working with Norton Broker Services?
I think brokers value having someone they can speak to who understands the specialist side of the market and can give them a straight answer. Not every case is simple, and some take a lot more time and work than others.
There can also be a misconception that if a broker uses a packager or specialist partner, they will lose out financially. In many cases, that is not true. Brokers can still earn strong commissions, while also saving themselves a lot of time and avoiding some of the more difficult parts of the process.
For me, the main thing is helping brokers get cases done that might otherwise be hard to place. If we can take some of that pressure away and help them deliver a good outcome for their client, that is where we add value.
FR: What has been the most memorable case you have worked on?
One that stands out is a former bank in Newbury. It was an old office building with a bank on the ground floor, and the project involved turning the ground floor into a commercial unit and converting the upper floors into four luxury apartments.
The commercial unit was eventually leased to Gail’s Bakery on a 10-year lease, which was a great result. Bridging finance was used for a lot of the work, and it was a challenging project, but also a really rewarding one.
It is a good example of how bridging can be used well. When the structure is right and everyone understands the costs, timescales and exit, it can help bring a much more complex project to life.
