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Central Bridging, 34 Queen Anne Street, London, W1G 8HE Tel: 03332 400 506   Email: enquiry@centralbridging.co.uk   Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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BRIDGING INDUSTRY REACTS TO NEW PM Boris Johnson has been appointed as Prime Minister following a vote from members of the Conservative party. The   ballot   was   taken   by   159,320   Tory   members   and   Johnson   will   be   taking   office   on   Wednesday   24   July.   Johnson took 92,153 votes, beating Jeremy Hunt’s 46,656. Brian   West,   director   of   Central   Bridging,   added:   “I’ve   always   had   my   concerns   that   the   new   Prime   Minister   is   rather too self-interested and lacks any really deep-rooted political conviction. “I   hope   he   proves   me   wrong   and   that   lurking   somewhere   underneath   that   bluff   exterior   and   unkempt   ‘barnet’   is   a true statesman. “That is what we sorely need.”
ASTL Logo NACFB Logo London Chamber of Commerce and Industry Logo BRIDGING INDUSTRY REACTS TO NEW PM
TO VALUE OR NOT TO VALUE? - THAT IS THE QUESTION. Anyone   involved   in   the   short-term   lending   industry   attending   last   month’s   NACFB   Expo   Event   couldn’t   have   failed   to notice   the   sheer   volume   of   bridging   and   development   lenders   exhibiting.   At   a   record-breaking   show   with   all   138 stands   sold   out   it   was   noticeable   that   nearly   half   of   these   and   a   much   bigger   percentage   of   the   most   lavish   stands belonged to bridging and development lenders. On   face   value   this   can   be   viewed   as   a   barometer   of   the   short-term   industry’s   rude   health   but   look   beyond   the   lavish facades   and   large   marketing   budgets   and   maybe   it’s   just   another   manifestation   of   an   ongoing   battle   to   either   gain or   maintain   market   share?   In   crude   terms   it   could   be   indicative   of   a   fight   to   survive   in   an   ultra-competitive   market that’s already claimed its first high profile victims. This   battle   has   seen   rates   driven   down   to   levels   that   were   unthinkable   only   a   couple   of   years   ago   and   loan   to   value (LTV)   limits   increased,   despite   the   backdrop   of   a   very   subdued   and,   in   places,   declining   property   market.   Now another   trend   is   emerging   that   brings   back   memories   of   2006/07,   that   of   streamlined   underwriting.   Welcomed   by brokers   but   less   so   by   funders,   we   are   now   starting   to   see   the   first   mainstream   lenders   eschewing   the   need   for   a valuation, particularly on selected lower loan to value cases.
TO VALUE OR NOT TO VALUE? - THAT IS THE QUESTION.
BACKING A WINNER. - GOOD RESEARCH IS KEY. With   the   recent,   inevitable   collapse   into   administration   of   the   peer-to-peer   platform   Lendy   around   22,000   retail investors   are   now   left   wondering   how   much   of   the   collective   £165M   they   had   invested   at   the   time   of   closure   are they   likely   to   get   back?   For   2008   and   queues   outside   Northern   Rock   branches   see   now   the   recently   formed   Lendy Action   Group   (LAG)   on   the   internet.   As   the   words   from   the   1997   hit   by   Shirley   Bassey   and   the   Propellor   Heads remind us “It’s all just a little bit of history repeating.” The   sad   fact   is   that   it   really   wasn’t   that   hard   to   foresee   these   problems.   It’s   a   great   shame   that   only   now   are   the founders   of   LAG   using   the   power   of   the   internet   to   gain   a   collective   voice   when   a   little   bit   of   time   spent   researching a   lender   that   was   offering   12%   PA   returns   and   lavishly   sponsoring   Cowes   Week   might   have   enabled   them   to   better assess the risk they were taking. In   a   market   where   some   lenders   are   now   selling   deals   at   less   than   half   the   rate   of   return   Lendy   were   offering   the maths   simply   never   added   up.   Never   has   the   old   saying   “If   something   seems   too   good   to   be   true   it   probably   is”   been more   relevant.   If   I   were   to   walk   into   William   Hill   this   afternoon,   bet   a   £100   on   a   horse   that   I’ve   done   absolutely   no research on just because it’s odds are 12-1 and lose, would I be justified in blaming anyone else?
BACKING A WINNER. - GOOD RESEARCH IS KEY.
BRIDGING INNOVATION - DRIVING THE INDUSTRY DESPITE THE POLITICIANS Just   a   few   years   ago   Belgium   had   a   period   of   nearly   two   years   without   a   government,   a   period   which   saw   the Belgian   economy   outpacing   growth   in   both   neighbouring   Germany   and   the   wider   Euro   zone.   Perhaps   there   is   a parallel   to   be   drawn   here   with   the   current   Brexit   uncertainty   and   political   paralysis   in   Westminster;   after   all   the   UK economy outperformed Italy, France and Germany last year. It   seems   that   whilst   our   politicians   engage   in   a   pro-longed   spell   of   self-induced   navel   gazing   the   rest   of   the   UK population   just   cracks   on   without   undue   interference   from   the   inhabitants   of   Westminster   who,   in   so   many   cases, have   no   hands-on   business   experience   anyway.   Consequently,   the   economy,   including   the   specialist   finance   sector and our own little corner of it, bridge lending, continue to defy all expectations and thrive. Bridging   finance   is   a   maturing   market   that’s   evolving   and   developing   to   meet   the   needs   of   an   increasingly   diverse range   of   individuals   and   businesses   seeking   a   fast   and   effective   solution   to   their   many   and   varied   financial   needs.     Whilst   interest   rates   remain   at   historically   low   levels   new   lenders   have   been   propelled   to   market   on   a   wave   of liquidity from funders seeking a more attractive return on their money.
BRIDGING INNOVATION - DRIVING THE INDUSTRY DESPITE THE POLITICIANS
“THERESA MAY - FIRST PERSON EVER TO PAY FULL PRICE FOR A SOFA AT DFS.” This   was   the   headline   above   a   clever   Whatsapp   picture   one   of   my   mates   sent   me   recently.   It   showed   our   much- maligned    PM    leaving    a    DFS    Furniture    Store    sporting    a    very    sickly    grin.    Now    in    terms    of    a    comment    on    her negotiating   prowess   it   certainly   had   merit   but,   despite   myself,   I   couldn’t   resist   mounting   what,   in   some   small measure, amounted to a defence of poor old Theresa. Whilst   acknowledging   Mrs   May’s   general   ineptitude   I   nonetheless   pointed   out   that   it’s   tough   to   negotiate   a   good discount   on   a   new   sofa   if   the   rest   of   the   folks   back   home   have   let   DFS   know   in   advance   that   she   will   definitely   be buying   one!   My   friends   mildly   amusing   picture   was   in   fact   a   sad   indictment   not   only   our   Prime   Minister   but   of   the vast majority of our MPs. As   if   wasn’t   bad   enough   watching   the   government   failing   to   properly   prepare   for   a   ‘no   deal’   and   making   a   complete hash   of   the   negotiations   we’ve   then   had   to   watch   as   parliament   finally   handed   the   initiative   lock,   stock   and   barrel   to Brussels   by   failing   to   agree   on   pretty   much   anything   other   than   ruling   out   a   ‘no   deal’   under   any   circumstances! Monsieur’s Barnier, Junckers and Tusk could barely contain their glee!
“THERESA MAY - FIRST PERSON EVER TO PAY FULL PRICE FOR A SOFA AT DFS.”
BARGAIN HUNT - UNCERTAINTY GIVES RISE TO OPPORTUNITY Last   month   this   column   drew   inspiration   from   the   long   running   BBC   television   show,   Homes   Under   the   Hammer,   to explain    how    property    related    programmes    have    played    an    important    role    inspiring    a    generation    of    property investors   and   developers.   In   what   may   develop   into   a   ‘TV   inspired’   trend   this   latest   article   unashamedly   steals   its headline from another popular BBC show, Bargain Hunt! In   February,   Sonal   Thakrar,   partner   and   Head   of   Residential   Property   at   leading   London   law   firm   Mishcon   de   Reya stated   that;   “Brexit   is   creating   huge   uncertainty,   but   it’s   also   a   fantastic   chance   for   those   who   are   savvy   and   brave enough   to   buy   something   to   keep.”   She   was   talking   about   a   steady   flow   of   high-end   London   property   transactions that Mishcon are handling where buyers are securing very substantial discounts on the original asking price. Long    before    the    term    Brexit    came    into    the    public’s    consciousness,    the    London    market    was    disproportionately impacted    by    the    stamp    duty    changes    introduced    by    then    Chancellor    of    the    Exchequer,    George    Osbourne    in December   2014.   He   followed   these   up   by   introducing   a   raft   of   additional   property   taxes   culminating,   in   early   2016, with   an   additional   three   per   cent   levy   on   top   of   stamp   duty   charges   for   the   purchase   of   second   homes.   In   doing   so he further compounded the downward momentum in prime London house prices.
BARGIN HUNT - UNCERTAINTY GIVES RISE TO OPPORTUNITY - Brian West, Director, Central Bridging
FORMING A POPULAR FRONT As   we   move   into   a   new   year   it’s   fair   to   say   that   bridging   has   never   been   so   popular.   Those   that   predicted   2018,   with all   its   economic   and   political   uncertainty,   would   see   the   UK   specialist   lending   market   in   decline   have   proved   to   be somewhat   wide   of   the   mark.   Indeed,   from   beginning   to   end   the   year   saw   a   steady   flow   of   new   short-term   lenders being launched. With   interest   rates   remaining   at   historically   low   levels   new   entrants   were   propelled   to   market   on   a   wave   of   cash   by capital    holders    seeking    a    more    attractive    return    on    their    money.    Third    Party    funders    in    the    shape    of    private investors   and   family   offices,   hedge   funds,   challenger   banks   and   even   the   average   man   in   the   street   through   peer   to peer   lending   platforms   all   fuelled   the   continued   growth   of   the   market   both   in   terms   of   the   volumes   of   business being written and the sheer number and diversity of lenders. By   the   years   end   increased   competition   had   driven   rates   down   to   levels   that   were   unthinkable   just   three   or   four years   ago   whilst   loan   to   value   limits   had   increased   despite   the   backdrop   of   a   very   subdued   and   even   in   pockets declining property market.
FORMING A POPULAR FRONT
KYC, AML, DD… Has the world gone acronym mad? Steadily   increasing   loan   to   values   despite   a   static   and   in   places   declining   property   market,   a   seemingly   endless   rate war   squeezing   margins,   a   dearth   of   experienced   industry   personnel   and   a   relaxation   of   underwriting   standards begin   presented   as   service   level   enhancements.   With   Industry   standards   coming   under   pressure   against   a   backdrop of   Brexit   induced   political   paralysis,   macro-economic   uncertainly   and   of   course   recent   specialist   lender   collapses   is it   any   wonder   that   some   commentators   are   now   questioning   whether   the   resilience   of   the   short   -term   lending market is perhaps being pushed a little to far? There   are   certainly   many   challenges   facing   the   owners   of   both   established   lending   platforms   and   newcomers   to   the market    but    perhaps    the    biggest    single    worry,    the    one    that's    still    most    likely    to    cause    sleepless    nights,    is    the perennial   threat   summed   up   in   a   single   five   letter   word,   that   of   'fraud'.   It's   not   hard   to   see   why   an   industry   that   is predicated   on   speed   of   turnaround,   where   lenders   regularly   trumpet   the   fact   that   they've   completed   a   complex   deal in a matter of days.

BESPOKE BRIDGING LOAN

& SHORT TERM LENDER

Central Bridging, 34 Queen Anne Street, London, W1G 8HE Tel: 03332 400 506  Email: enquiry@centralbridging.co.uk Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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PRESS RELEASES

ASTL Logo NACFB Logo London Chamber of Commerce and Industry Logo
BRIDGING    INDUSTRY    REACTS TO NEW PM Boris   Johnson   has   been   appointed   as Prime    Minister    following    a    vote    from members of the Conservative party. The   ballot   was   taken   by   159,320   Tory members    and    Johnson    will    be    taking office   on   Wednesday   24   July.   Johnson took     92,153     votes,     beating     Jeremy Hunt’s 46,656. Brian       West,       director       of       Central Bridging,    added:    “I’ve    always    had    my concerns   that   the   new   Prime   Minister is   rather   too   self-interested   and   lacks any        really        deep-rooted        political conviction. “I   hope   he   proves   me   wrong   and   that lurking     somewhere     underneath     that bluff   exterior   and   unkempt   ‘barnet’   is   a true statesman. “That is what we sorely need.”
BRIDGING INDUSTRY REACTS TO NEW PM
TO   VALUE   OR   NOT   TO   VALUE?   - THAT IS THE QUESTION. Anyone     involved     in     the     short-term lending   industry   attending   last   month’s NACFB   Expo   Event   couldn’t   have   failed to   notice   the   sheer   volume   of   bridging and   development   lenders   exhibiting.   At a    record-breaking    show    with    all    138 stands   sold   out   it   was   noticeable   that nearly   half   of   these   and   a   much   bigger percentage    of    the    most    lavish    stands belonged   to   bridging   and   development lenders. On   face   value   this   can   be   viewed   as   a barometer   of   the   short-term   industry’s rude   health   but   look   beyond   the   lavish facades    and    large    marketing    budgets and        maybe        it’s        just        another manifestation   of   an   ongoing   battle   to either   gain   or   maintain   market   share? In   crude   terms   it   could   be   indicative   of a      fight      to      survive      in      an      ultra- competitive       market       that’s       already claimed its first high profile victims. This   battle   has   seen   rates   driven   down to   levels   that   were   unthinkable   only   a couple   of   years   ago   and   loan   to   value (LTV)     limits     increased,     despite     the backdrop    of    a    very    subdued    and,    in places,   declining   property   market.   Now another   trend   is   emerging   that   brings back     memories     of     2006/07,     that     of streamlined     underwriting.     Welcomed by   brokers   but   less   so   by   funders,   we are     now     starting     to     see     the     first mainstream      lenders      eschewing      the need    for    a    valuation,    particularly    on selected lower loan to value cases.
TO VALUE OR NOT TO VALUE? - THAT IS THE QUESTION.
BACKING A WINNER. - GOOD RESEARCH IS KEY. With   the   recent,   inevitable   collapse   into administration      of      the      peer-to-peer platform    Lendy    around    22,000    retail investors   are   now   left   wondering   how much   of   the   collective   £165M   they   had invested   at   the   time   of   closure   are   they likely   to   get   back?   For   2008   and   queues outside    Northern    Rock    branches    see now   the   recently   formed   Lendy   Action Group    (LAG)    on    the    internet.    As    the words    from    the    1997    hit    by    Shirley Bassey   and   the   Propellor   Heads   remind us    “It’s    all    just    a    little    bit    of    history repeating.” The   sad   fact   is   that   it   really   wasn’t   that hard   to   foresee   these   problems.   It’s   a great    shame    that    only    now    are    the founders   of   LAG   using   the   power   of   the internet   to   gain   a   collective   voice   when a   little   bit   of   time   spent   researching   a lender     that     was     offering     12%     PA returns   and   lavishly   sponsoring   Cowes Week     might     have     enabled     them     to better assess the risk they were taking. In    a    market    where    some    lenders    are now   selling   deals   at   less   than   half   the rate   of   return   Lendy   were   offering   the maths    simply    never    added    up.    Never has   the   old   saying   “If   something   seems too   good   to   be   true   it   probably   is”   been more    relevant.    If    I    were    to    walk    into William   Hill   this   afternoon,   bet   a   £100 on   a   horse   that   I’ve   done   absolutely   no research   on   just   because   it’s   odds   are 12-1    and    lose,    would    I    be    justified    in blaming anyone else?
BACKING A WINNER. - GOOD RESEARCH IS KEY.
BRIDGING INNOVATION - DRIVING THE INDUSTRY DESPITE THE POLITICIANS Just    a    few    years    ago    Belgium    had    a period    of    nearly    two    years    without    a government,    a    period    which    saw    the Belgian    economy    outpacing    growth    in both    neighbouring    Germany    and    the wider    Euro    zone.    Perhaps    there    is    a parallel    to    be    drawn    here    with    the current   Brexit   uncertainty   and   political paralysis    in    Westminster;    after    all    the UK   economy   outperformed   Italy,   France and Germany last year. It     seems     that     whilst     our     politicians engage    in    a    pro-longed    spell    of    self- induced   navel   gazing   the   rest   of   the   UK population      just      cracks      on      without undue          interference          from          the inhabitants   of   Westminster   who,   in   so many       cases,       have       no       hands-on business             experience             anyway. Consequently,    the    economy,    including the    specialist    finance    sector    and    our own   little   corner   of   it,   bridge   lending, continue    to    defy    all    expectations    and thrive. Bridging   finance   is   a   maturing   market that’s   evolving   and   developing   to   meet the    needs    of    an    increasingly    diverse range     of     individuals     and     businesses seeking   a   fast   and   effective   solution   to their   many   and   varied   financial   needs.     Whilst       interest       rates       remain       at historically   low   levels   new   lenders   have been   propelled   to   market   on   a   wave   of liquidity   from   funders   seeking   a   more attractive return on their money.
BRIDGING INNOVATION - DRIVING THE INDUSTRY DESPITE THE POLITICIANS
“THERESA MAY - FIRST PERSON EVER TO PAY FULL PRICE FOR A SOFA AT DFS.” This    was    the    headline    above    a    clever Whatsapp    picture    one    of    my    mates sent   me   recently.   It   showed   our   much- maligned    PM    leaving    a    DFS    Furniture Store   sporting   a   very   sickly   grin.   Now   in terms   of   a   comment   on   her   negotiating prowess     it     certainly     had     merit     but, despite       myself,       I       couldn’t       resist mounting       what,       in       some       small measure,    amounted    to    a    defence    of poor old Theresa. Whilst       acknowledging       Mrs       May’s general       ineptitude       I       nonetheless pointed   out   that   it’s   tough   to   negotiate a   good   discount   on   a   new   sofa   if   the rest    of    the    folks    back    home    have    let DFS    know    in    advance    that    she    will definitely    be    buying    one!    My    friends mildly    amusing    picture    was    in    fact    a sad     indictment     not     only     our     Prime Minister   but   of   the   vast   majority   of   our MPs. As   if   wasn’t   bad   enough   watching   the government   failing   to   properly   prepare for   a   ‘no   deal’   and   making   a   complete hash    of    the    negotiations    we’ve    then had     to     watch     as     parliament     finally handed    the    initiative    lock,    stock    and barrel   to   Brussels   by   failing   to   agree   on pretty   much   anything   other   than   ruling out        a        ‘no        deal’        under        any circumstances!       Monsieur’s       Barnier, Junckers   and   Tusk   could   barely   contain their glee!
“THERESA MAY - FIRST PERSON EVER TO PAY FULL PRICE FOR A SOFA AT DFS.”
BARGAIN HUNT - UNCERTAINTY GIVES RISE TO OPPORTUNITY Last       month       this       column       drew inspiration   from   the   long   running   BBC television    show,    Homes    Under    the Hammer,     to     explain     how     property related    programmes    have    played    an important   role   inspiring   a   generation of   property   investors   and   developers. In     what     may     develop     into     a     ‘TV inspired’      trend      this      latest      article unashamedly   steals   its   headline   from another    popular    BBC    show,    Bargain Hunt! In    February,    Sonal    Thakrar,    partner and    Head    of    Residential    Property    at leading   London   law   firm   Mishcon   de Reya    stated    that;    “Brexit    is    creating huge     uncertainty,     but     it’s     also     a fantastic    chance    for    those    who    are savvy     and     brave     enough     to     buy something   to   keep.”   She   was   talking about     a     steady     flow     of     high-end London     property     transactions     that Mishcon    are    handling    where    buyers are        securing        very        substantial discounts on the original asking price. Long    before    the    term    Brexit    came into    the    public’s    consciousness,    the London                    market                    was disproportionately    impacted    by    the stamp    duty    changes    introduced    by then     Chancellor     of     the     Exchequer, George   Osbourne   in   December   2014. He   followed   these   up   by   introducing   a raft     of     additional     property     taxes culminating,    in    early    2016,    with    an additional   three   per   cent   levy   on   top of      stamp      duty      charges      for      the purchase   of   second   homes.   In   doing so      he      further      compounded      the downward      momentum      in      prime London house prices.
BARGIN HUNT - UNCERTAINTY GIVES RISE TO OPPORTUNITY - Brian West, Director, Central Bridging
FORMING A POPULAR FRONT As   we   move   into   a   new   year   it’s   fair   to say    that    bridging    has    never    been    so popular.    Those    that    predicted    2018, with     all     its     economic     and     political uncertainty,       would       see       the       UK specialist     lending     market     in     decline have   proved   to   be   somewhat   wide   of the    mark.    Indeed,    from    beginning    to end   the   year   saw   a   steady   flow   of   new short-term lenders being launched. With      interest      rates      remaining      at historically     low     levels     new     entrants were   propelled   to   market   on   a   wave   of cash   by   capital   holders   seeking   a   more attractive   return   on   their   money.   Third Party   funders   in   the   shape   of   private investors     and     family     offices,     hedge funds,   challenger   banks   and   even   the average   man   in   the   street   through   peer to    peer    lending    platforms    all    fuelled the    continued    growth    of    the    market both     in     terms     of     the     volumes     of business   being   written   and   the   sheer number and diversity of lenders. By        the        years        end        increased competition   had   driven   rates   down   to levels   that   were   unthinkable   just   three or   four   years   ago   whilst   loan   to   value limits      had      increased      despite      the backdrop   of   a   very   subdued   and   even in pockets declining property market.
FORMING A POPULAR FRONT Brian West Central Bridging Acronym Crazy
KYC,   AML,   DD…   Has   the   world gone acronym mad? Steadily      increasing      loan      to      values despite   a   static   and   in   places   declining property    market,    a    seemingly    endless rate    war    squeezing    margins,    a    dearth of   experienced   industry   personnel   and a   relaxation   of   underwriting   standards begin      presented      as      service      level enhancements.            With            Industry standards      coming      under      pressure against    a    backdrop    of    Brexit    induced political       paralysis,       macro-economic uncertainly      and      of      course      recent specialist     lender     collapses     is     it     any wonder    that    some    commentators    are now   questioning   whether   the   resilience of    the    short    -term    lending    market    is perhaps being pushed a little to far? There    are    certainly    many    challenges facing   the   owners   of   both   established lending    platforms    and    newcomers    to the    market    but    perhaps    the    biggest single    worry,    the    one    that's    still    most likely   to   cause   sleepless   nights,   is   the perennial   threat   summed   up   in   a   single five   letter   word,   that   of   'fraud'.   It's   not hard    to    see    why    an    industry    that    is predicated    on    speed    of    turnaround, where    lenders    regularly    trumpet    the fact   that   they've   completed   a   complex deal in a matter of days.
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