The NACFB’s inaugural Bridging Finance Day was hailed a triumph by brokers and lenders following the event held in London on 25th January 2018.
The day marked the first in a series of bespoke sector events catering to individual aspects of commercial finance lending hosted by the NACFB. Kicking off with Bridging Finance Day, the Association’s aim is to develop an environment that establishes centres of excellence whilst maintaining the highest professional standards across all commercial finance divisions.
NACFB managing director Norman Chambers and Kevin Jones, CEO of Omega Group, outlined the NACFB’s objectives and the Association’s ongoing efforts to support the bridging finance sector. They spoke of efforts to educate NACFB members in all aspects of bridging finance whilst promoting the highest professional standards. Such events and future efforts will help establish and develop members’ relationships with new and existing lenders, whilst providing forums to keep members informed of upcoming changes – especially on compliance and regulatory matters.
The packed-out day at London’s Vanderbilt hotel, saw six Patrons engage in roundtable discussions with NACFB brokers operating in the bridging space. Among items discussed were the various types and uses of bridging finance products available to introducers, views of realistic bridging finance interest rates as well as lending criteria, potential exit options and analysis of working case studies.
Representatives from Patrons Amicus, Lendinvest, London Credit, Masthaven, Together and Roma Finance were able to directly address questions from all attending brokers and draw frameworks for a number of future opportunities.
Ian Boden, sales director at Lendinvest, praised NACFB Members for utilising the ‘speed dating’ format and valued the opportunity to network in a bridging focussed setting. Scott Marshall, managing director at Roma Finance, relayed how the day enabled him to make half a dozen ‘proper deals’ which would not have come about had they not had occasion to sit down and talk through processes directly with attending brokers.
The first part of the day focused on training and education and began with expert legal insight from Jonathan Newman, senior partner at Brightstone Law. Jonathan shared his experiences of bridging deals to both brokers and lenders in the form of a case study. The outcomes from his real-life example of a disputed bridging loan called for improved transparency in methods, better business practices, stronger working relationships and an adherence to greater sector professionalism.
Attendees on the day also benefited from a complimentary compliance workshop from Roger Deane, managing director of NACFB Compliance. Roger outlined the regulatory hurdles and potential compliance pitfalls bridging finance brokers may encounter during the lifecycle of a deal and concluded with a look ahead to the upcoming GDPR directive.
With the UK bridging sector thriving, the industry in 2018 is worth an estimated £4bn with around 40 specialist bridging lenders operating in the arena. The NACFB Bridging Finance Day formed part of continued efforts by the Association to further facilitate dialogue between bridging lenders and brokers to help fund UK businesses.
Following the success of the London Bridging Finance Day, the NACFB is rolling out free sector specific events across the country – including another regional bridging event. You can book online for the below events: