FR: Tell us a bit about your background and what has drawn you into bridging.
I’ve worked in specialist lending for 25 years and progressed through a variety of sales-based roles including as a BDM on the road and as an area manager looking after a team and these experiences have been invaluable.
I’ve been with OSB Group for 13 years, working across long term lending in Precise and Kent Reliance for Intermediaries as area manager before stepping into the head of sales role. Then early this year, I was offered the opportunity to progress to head of bridging for Precise.
We have an amazing specialist bridging team, and we’ve really hit the ground running as we’ve already made incredible in-roads. By working closely with the proposition team, we’ve recently improved the criteria around automated valuation models (AVMs) which have sped up caseloads for brokers and this along with rate cuts and the launch of developer exit shows our focus.
FR: What is the attraction of working in the bridging environment?
Bridging has had a chequered reputation and, in the past, this reputation may have been deserved. However, those days are gone, so together with my team, we’re looking forward to dispelling the myths and focusing on the opportunities where we can not only add value but also help those brokers who may be new to bridging.
I’ve always been a logical thinker so being able to put the pieces of a case together to create a solution has always appealed and when you bring speed into the mix, it’s an exciting mix!
For example, we’ve just had a case recently complete using the new AVM changes, which resulted in app to offer in under 10 working hours!
FR: What common misconceptions is there around bridging that you'd like to dispel?
Historically, bridging has been seen as an expensive funding option but in my opinion, bridging should be viewed as a financial option, enabling a customer to reach their end goal.
Our bridging range has no exit fees, no charges for early repayments and the interest on our bridging loans are calculated daily meaning that customers are only charged for the period they use the bridging for.
Bridging can provide an affordable short-term option in many situations, especially where a chain may be in danger of collapse or you need to move quickly such as for an auction purchase, but there are many other ways in which bridging can help:
• Cash flow funding for short term requirements
• Meeting tight transaction deadlines
• Extensions
• Loft conversions
• Single unit to multi-unit and vice versa
• Multi-unit properties currently at 'wind and watertight' stage that require completion
• Barn conversions
At Precise we have the added advantage that we cover regulated and unregulated bridging, including developer exit so we’re really a one-stop shop.
FR: Are there any ‘trends’ we are seeing with the bridging space? Or can we discuss the increased use in bridging finance in recent years?
Currently and over the next few months, we are highly likely to see bridging increase across chain break situations as the deadline for stamp duty changes approach. There will no longer be SDLT relief on properties priced between £125,000 and £250,000 from 1st April 2025, instead buyers with properties in this bracket will have to fork out an extra 2% cost that was very unlikely to be factored into people’s budgets when they were first looking to move.
Recent reports reveal that the bridging market broke the £10bn mark at the end of 2024, a 28.6% increase on Q3 2024, evidencing the growing demand for short term financing. It is also suggested that there should be a further 25% growth in the bridging market over the next five years2.
FR: What key points would you give to a broker with a client who looking for bridging finance?
The Mintel report highlighted that speed and flexibility remain key drivers for growth in UK bridging loans market. Therefore, brokers need to make sure they have the full story, it’s always better to have all the information upfront than stumbling over potential challenges further down the line as this really does delay everything which is something that needs to be avoided when trying to secure bridging funding.
