Given that bridging has increased by 16% to £7.6 billion1, it’s no surprise that the newly rebranded Greenfield Bridging, founded by Steve Smith (the Poundland founder) in 2009, is also seeing success.
But the market uptick, perhaps due to the gap shortening between mortgage and bridging rates, isn’t the sole reason Greenfield Bridging is succeeding. According to Richard Keen’s (NSM at Greenfield Bridging) latest interview with Steve, it’s also due to a unique business model that mandates their business development managers (BDMs) as trained underwriters to make decisions in one hour. Why does this work? It speeds up the decision process for brokers, who, in turn, can retain their clients by keeping them happy.
It’s commonplace for bridging applications to be referred to an underwriting department, and all the while, the time is ticking for the client who needs funds quickly. It makes sense that a company with competitive rates and BDMs that can make a decision in one call is doing well.
Steve commented: “Having become a property investor myself and having spoken to my friends who were also investors, it was clear that the process of accessing bridging loans could be simplified. As an investor, you’re usually motivated by emotion or opportunity, and when you spot something you want – you want to move quickly. Going through five different people and stages doesn’t fit with that.
“In most cases, we can go from application to funds in seven days, with a decision in one hour. If it’s not right, then we don’t lend – it has to be right for everyone: the client, the broker, and us. That’s why we encourage brokers to call if they’re unsure. At Greenfield, we’re self-funded and regulated by the FCA, and the BDMs have the expertise and power to say yes or no very quickly. The re-brand positions Greenfield Bridging as a specialist in one area: bridging. One call, one BDM/underwriter, and a decision within one hour.”
It’s no surprise that Steve is hung up on number one. He made a business selling everything for a pound – but it worked. At its core, though, there’s trust in the team to make the decision.
Bridging has come a long way, and Richard Keen, National Sales Manager for Greenfield Bridging, added: “Greenfield is a bit of a breath of fresh air when it comes to getting support quickly, but the challenge is to broaden the uses for bridging loans and explain that as a regulated self-funder, we’re an option for a broker’s clients in multiple circumstances. With 35%2 of property sales falling through in 2023, there’s an opportunity for us to help – no one wants a deal to fail. And what’s often forgotten is that a bridging loan can position the client as a cash buyer when up against other investors – plus, there are many other potential uses for bridging that all stem from needing funds quickly. And where there’s an exit strategy within 12 months, it could be viable for the client. We also offer a more personalised service regarding defaults and early repayment; as we self-fund, we can assess each situation individually.”
If you’re unsure, call – Greenfield Bridging only lends if it’s right for everyone. Call 0800 779 7097 or email info@greenfieldbridging.com to get a decision in one hour.
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