For Intermediaries only. Together is a trading style of each of the undernoted companies, which have their registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8 3GW. Auction Finance Limited is registered in England and Wales - Company Registration Number 04949929. Blemain Finance Limited is registered in England and Wales - Company Registration Number 01185052. Blemain Finance Limited is authorised and regulated by the Financial Conduct Authority in respect of second charge loans secured on residential property. In respect of regulated mortgage contracts, Blemain Finance Limited is an Introducer Appointed Representative of Cheshire Mortgage Corporation Limited, which is authorised and regulated by the Financial Conduct Authority. Bridging Finance Limited is registered in England and Wales - Company Registration Number 03166982. In respect of regulated mortgage contracts, Bridging Finance Limited is an Introducer Appointed Representative of Cheshire Mortgage Corporation Limited, which is authorised and regulated by the Financial Conduct Authority. Cheshire Mortgage Corporation Limited is registered in England and Wales - Company Registration Number 02613335. Cheshire Mortgage Corporation Limited is authorised and regulated by the Financial Conduct Authority - Firm Reference No 305253. Lancashire Mortgage Corporation Limited is registered in England and Wales - Company Registration Number 02058813. In respect of regulated mortgage contracts, Lancashire Mortgage Corporation Limited is an Introducer Appointed Representative of Cheshire Mortgage Corporation Limited, which is authorised and regulated by the Financial Conduct Authority.

Spotlight on: Bridging finance

Get your client the right solution with bridging finance you can trustFor over 40 years our expert team have been making fast, firm decisions when they’re needed the most. With rates from 0.65% and exit fees from 0%, we consider:

• Many residential and commercial properties accepted including BTL’s, HMO’s and owner occupied

• Terms from 3 to 24 months• First and second charge• Employed, self-employed, limited

companies, LLP’s, sole traders and partnerships

• Up to 100% funding available• 24 hour completions possible

Residential and commercial, first and second charge mortgages | Buy-to-let Bridging finance | Auction finance

Nick Jones National Sales Manager

15062016_Brightstar ad_Bridging Finance A4_AW4.indd 1 15/06/2016 13:10

CONTRIBUTORS:

MICHELLE WESTLEYBRIGHTSTAR HEAD OF MARKETING

DEBBIE STAVELEYPUBLIC RELATIONS SPECIALIST

TRAVIS R R HURLOCKCREATIVE DIRECTION

MARC GOLDBERG TOGETHER — OFFICIAL SPONSOR

03

CONTENTSSUMMER 2016

Welcome to the

HUBMAGAZINEissue #9

FOREWORD FROM ROB JUPPBRIGHTSTAR NEWSSPECIALIST SOURCING #MADEEASY THE SECOND CHARGE MORTGAGE MARKET, POST MCD THE RISE OF THE SELF EMPLOYEDAN INTERVIEW WITH CHRISTINA SMITHHUB SPONSOR, TOGETHER TALKS BRIDGING FINANCELIMITED COMPANY BTL LOOPHOLE?JOURNEY TO IIP GOLD & GLOBAL RECOGNITIONHOW TO ENSURE YOU’RE COMPLIANTWHAT CAN YOU OFFER FIRST TIME DEVELOPERS?IDENTIFYING THE RIGHT TYPE OF BRIDGING FINANCE THE VOICE OF OUR INTRODUCERSINVOICE & ASSET FINANCECONTACT INFORMATION

Foreword

EasySourceLaunch

Being Gold

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20

040506 — 0810 — 1112 — 131516 — 1718 — 1920 — 212224 —2526 — 2728 — 293031

&04

FOREWORDBY ROB JUPP

Jupp

up

WELCOME TO BRIGHTSTAR’S GOLDEN EDITION OF THE HUB MAGAZINE

A t 32 pages HUB 9 is our biggest edition yet! Our focus has been on providing you with valuable information that will help your business and your clients, providing you with insights into different areas of the specialist

lending market that you may not know as well as you would like to.

As well as the regular commentary from every part of our business, this edition is packed with the latest news, comments and inside information from across the specialist lending industry, including:

Our official sponsor, Together discusses bridging finance and the huge success of the sector. As one of the largest lenders in the bridging sector, Together has continued to lend throughout the downturn of 2008 and perhaps unsurprisingly was one of the first lenders, post Brexit to offer assurances to the intermediary market that it was very much ‘business as usual.’

Michelle Westley, our Head of Marketing discusses the amazing launch of our ground breaking sourcing and CRM system, Easy- Source which was introduced to selected partners on the 1st June.

Clare Jupp, our People Development Director talks about winning ‘The Best Business (under 249 employees) on the globe for people development’, at the 2016 Investor in People Awards in June and why our people are centric to everything we do here at Brightstar.

In a time of economic uncertainty we believe it’s crucial that we continue to provide firm partnership to all of the intermediaries whom we work with.

We promise to continue to be at the forefront of innovation within the specialist lending sector. With that in mind, we are excited to be launching with a range of completely new lenders, covering all five of the specialist sectors that we work in – with yet more to come. We also continue to embrace positive change in order to give our partners, such as you, the greatest chance of winning new business.

Thanks for your continued support. We never for a moment take this for granted.

ROB JUPPCEO, Brightstar

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WELCOME TO BRIGHTSTAR’S GOLDEN EDITION OF THE HUB MAGAZINE

NEWSSUMMER 2016

New office space & Brightstar’s ongoing expansion plan

Brightstar has taken on 1800 sq ft of new office space adjacent to its existing office as part of its ongoing expansion plan. The bigger and better equipped office space which Brightstar will be moving in to during November 2016, means its office space will double

in size and will cater for an additional 20 members of staff. The office space which is currently being developed will support future capacity and will enable Brightstar to provide an even better service for intermediaries.

Having recently been named the Investors in People Gold Employer of the Year, the new office space will include dedicated areas for people development, including its ‘MTF greenhouse’ for staff training. Brightstar constantly strives to increase and improve its service for intermediaries and the adjoining office expansion project is the next natural step.

Brightstar wins global award for Gold Employer of the YearThe good news and celebrations continue for us and just eight months after being awarded our IIP Gold Standard, Brightstar has since been named the Investors in People (IIP) Gold Employer of the Year (up to 249 employees), beating more than 300 companies from 29 countries across the globe. Brightstar won from the top 7% of all IIP certified businesses in the world, officially making us a global winner! Turn to page 20 where you can read about how Brightstar achieved Investors in People Gold status in record time and how your organisation can engage with this hugely valuable process.

The #MadeEasy Charter, Bright-star’s Vision & Company ValuesBrightstar prides itself on making the lives of intermediaries easier. It is therefore important that intermediaries know exactly what to expect from Brightstar from the outset, and the #MadeEasy Charter has recently been updated to help achieve this end.

The charter, which is built on continual feedback from intermediaries, helps Brightstar to deliver an exceptional service. It also shows that all Brightstar staff are committed to applying an individual, tailored approach to each case.

The recently revamped charter also gives intermediaries direct access to a case manager who will manage their client applications from initial enquiry to completion, because its goal is to make an intermediary’s experience with Brightstar as easy and as straightforward as possible. The charter has been updated in line with Brightstar’s vision and company values which reflect where the company is today. In order to lead the way and help to shape the future of UK specialist finance, Brightstar:

J Embraces partnerships and recognises the value of strong working relationships.

J Is ethical and operates with honesty and integrity to achieve positive outcomes.

J Has a passion for being the best in everything it does.

J Encourages people development by working together to share market knowledge and experience.

Brightstar launches intounsecured loansBrightstar has teamed up with DotBroker to provide inter-mediaries with access to unsecured loans for their clients. DotBroker will soon be integrated with EasySource, and will enable intermediaries to search for a whole selection of unsecured loans, ranging from loans for people with a prime credit rating to those with some adverse credit. Unsecured loans are vital financial tools that many intermediaries are asked about and most have no avenue to assist, and simply refer the client to their bank. Now they will be able to help their clients by searching for the best value loan – and refer the processing to Brightstar via DotBroker, whilst earning up to 6% of its value. Where appropriate, the loan can even be compared with a second charge mortgage on EasySource. This will cater for a client’s funding requirements in a fair and transparent way, while providing another income source for intermediaries.

Kensington Mortgage Company launches with BrightstarBrightstar became the first specialist distributor to add Kensington to its lending panel. We offer all of Kensington’s core range of residential and buy-to-let products, in addition to an 85% LTV residential semi-exclusive. Rates on this 85% product start at 4.84% for a two-year fixed rate and 5.14% for a three-year fixed rate. A pioneer in the specialist market, Kensington has been writing mortgages for applicants with complex circumstances for more than twenty years, and specialises in lending to custom-ers who are self-employed, contractors or have historic credit problems. Contact the Mortgages & BTL Helpdesk for further information on 01277 500 900, option 1 or submit your enquiry on www.easysource.co.uk

Brightstar sponsors‘ The Ladies Executive Club ’ On the 24th of June, more than 20 leading women from the industry joined together for the Ladies’ Executive Club at the Ampersand Hotel in South Kensington, sponsored by Brightstar Financial.

The Ladies’ Executive Club is organised by leading industry publication Mortgage Solutions and brings together some of the leading women in the mortgage industry. The keynote speaker was social media guru Sarah Kerrigan, who addressed the importance of harnessing the power of social media. The fully engaged, mixed-ability group of social media users, all recognised the vital role that social media plays and the event provided attendees with an opportunity to share ideas, compare practices and network with other leading women from across the sector.

Brightstar sponsors local children’s charityBrightstar’s staff have chosen the Essex-based children’s charity Kids Inspire as its 2016 charity. Over the course of the year, Bright-star will host numerous fundraising events in order to raise much needed funds for the local charity. Kids Inspire works with young people and their families in Essex who have suffered trauma, ne-glect or abuse. The charity helps young people to reconnect with themselves and society by helping them thrive and develop a joy of learning. The Brightstar team is dedicated to giving back to local communities and causes, and looks forward to coming together as a team to help make a difference.

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EASYSOURCETECHNOLOGY

E asySource went live on the 1st of June after two years in development including extensive testing with our stakeholders. Its key objective was to make it easy for our intermediaries to quickly search for specialist

finance solutions, whilst removing the uncertainty of how best to finance their clients’ individual circumstances. We also wanted to replace our antiquated paper-based enquiry process with an online submission portal and a state-of-the-art case tracking facility. The result is a ground breaking specialist sourcing and case management system, which makes it easy to identify the most appropriate solution from a diverse range of lenders across one or more product categories, including:

J SPECIALIST MORTGAGES J COMPLEX BUY-TO-LETJ SECOND CHARGE MORTGAGES J BRIDGING FINANCEJ COMMERCIAL FINANCE

HOW DOES IT WORK IN PRACTICE?EasySource compares the obvious capital raising re-mortgage versus a second charge mortgage where the intermediary can compare results side by side with an overall cost comparison column. What is unique about EasySource is that the system takes into account, details of the clients’ existing mortgage rate, monthly payment and remaining term plus any early repayment charges and fees for a more accurate comparison. EasySource can also be used to compare different approaches for the same case. For example,

a client may wish to carry out modernisation works to increase the value prior to sale, or re-finance onto a better mortgage rate. It could be that they want to compare a re-mortgage with a second charge for a direct cost comparison and without re-keying. EasySource enables intermediaries to look at a short term finance solution, offering the client faster turnaround times with no require-ment to service the loan until the point of re-finance or re-sale.

HOW LONG DOES IT TAKE TO SUBMIT AN ENQUIRY?The submission of an enquiry takes just 90 seconds to complete with instant access to a list of available products, a plethora of filters and features including a downloadable evidence of research document. The enquiry can then be converted to PDF and export-ed to the intermediary’s own client file. Upon submission of an enquiry, our team of experts will contact the intermediary to discuss the options available in more detail, including any potential to negotiate a bespoke rate.

MORE THAN JUST A SOURCING SYSTEMEasySource is so much more than “just” a sourcing system however, it also includes a number of features to make intermediaries lives so much easier. Our research revealed our intermediaries wanted greater visibility on the progress of their case so we responded by creating a platform offering access to a ‘breadcrumb trail’ from sourcing to completion, 24/7, displaying the client requirements list, full case notes, messages and milestones achieved to date.

MICHELLE WESTLEYHead of Marketing

GROUNDBREAKING

SPECIALIST SOURCING TECHNOLOGY GOES LIVE

06

LEARN ABOUT THE UK’S LATEST LEADINGSINGLE-SEARCH TECHNOLOGY BREAKTHROUGH

SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

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UNSECURED LOANS‘ COMING SOON ’

GROUNDBREAKING

SPECIALIST SOURCING TECHNOLOGY GOES LIVE

EASYSOURCETECHNOLOGY

07

www.EasySource.co.uk“ SPECIALIST DOESN’T HAVE TO MEAN DIFFICULT ”

There is a two-way messaging system, offering direct access to our dedicated case management team; correspondence is copied directly to the users’ own mailbox and archived to the client file. Automatic notifications are sent to both the intermediary and dedicated case manager, summarising changes to the client file including stage changes, milestone updates and documentation; additionally, a weekly summary of their live pipeline, with the number of outstanding items for each case.

INSTANT UPLOADS & DOWNLOADSIntermediaries can access key documents such as the lender offer and valuation report and view the tailored list of information required by the chosen lender, including the ability to upload and download documents into and from their own system.

A CLEAR AUDIT TRAILEasySource will record every key stroke, providing a full audit trail should there ever be a requirement to review the client file.

REWARDSEasySource will also provide intermediaries with rewards for feed-back and engagement by driving knowledge of specialist finance, helping to achieve positive client outcomes. The more an interme-

diary learns, the more they will earn, with the opportunity to spend their rewards instantly, or save for something bigger from a huge catalogue of retail gift vouchers, experiences and some of the latest gadgets.

Already we have received incredible feedback from our introducers with 87% of participants in our poll stating that EasySource was indeed #MadeEasy

Adam Tarr from Amber Mortgage Solutions said: ‘The system is really well designed, clean and easy to navigate and I was able to produce a quote for my client, in their home, really quickly. The case tracking system is great and I really love the way I can log in and check the progress of my cases from my mobile or desktop at any time. I no longer have to waste time calling in to check my contact has received the post on a case for example.’

POWERED BY SPONSORED BYGROUNDBREAKING

CONTACT THE EASYSOURCE HELPDESK ON:

T: 0300 303 3130E: HELPDESK@EASYSOURCE.CO.UK

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W e have worked on this technology for over two years with the aim of transform-ing the way intermediaries work. Brightstar’s revolutionary new EasySource application is a multi-modular platform which looks at all available options for a client and provides intermediaries with better, more transparent outcomes

every time. With this system I truly believe that we are leading the way and shaping the future of specialist finance.

ROB JUPPChief Executive — Brightstar

Chief Executive — Bluestone

“Brightstar is trailblazing with the launch of its EasySource sourcing system. At last there is a way of comparing different specialist mortgages; this has been long overdue and I expect EasySource to really turn the world of sourcing on its head. I believe this will be the start of things to come and it is great to see Brightstar leading the way.”

Founding Director — Corecco Group

“EasySource is a funky new specialist sourcing system. In terms of technology helping brokers, this looks like a market changer delivered with a passion to do what is right for the consumer.”

Director, Omni Equity Partners & Non-Exec Director — Brightstar

“Brightstar have a great team and the launch of EasySource gives them a fantastic platform. EasySource is innovative and powerful and will change the way the market operates. It keeps Brightstar at the forefront of a fast developing space.”

Head of Marketing & Communication — MTF

“A fantastic launch to a ground-breaking sourcing system that will change the face of the UK specialist lending sector.”

Business Development Director — Foundation Home Loans

“Brightstar is a forward thinking company that has the courage to challenge the market and they are leading the way with the launch of EasySource. Specialist lending is back and brokers need to embrace this so that their clients do not come back to them two years down the line and ask them “why didn’t you offer me this?” EasySource provides them with an easy but comprehensive way of comparing all the options and finding what really is the best option for the customer.”

08

EASYSOURCETECHNOLOGY

OFFICIAL LAUNCH EVENING29TH FLOOR, ALTITUDE 360° LONDON MILBANK

KEY MOVERS & SHAKERS OF THE SPECIALIST FINANCE SECTOR WITNESSED OUR OFFICIAL TECH LAUNCH AT THE PRESTIGIOUS MILLBANK TOWER

WATCH OUR AMAZING VIDEOSCAN THE QR CODE:PASSWORD: launch

MATT ANDREWS

ANDREW MONTLAKE

JOHN JENKINS

MILLIE DYSON

PAUL BRETT

SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

PLEASE DIRECT ALL PRESS RELATED ENQUIRIES TO: press@easysource.co.uk

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D I S C U S S Y O U R C A S E S T O D A Y

T 0345 600 7681secured@shawbrook.co.uk

W W W . S H A W B R O O K . C O . U K

THIS ADVERTISEMENT IS INTENDED FOR PROFESSIONAL INTERMEDIARY USE ONLY AND MUST NOT BE DISTRIBUTED TO POTENTIAL CLIENTS

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We assess every second charge mortgage on its merits, not a series

of complex computer scores. By mixing technology and human

interaction we ensure that if a deal is affordable, makes sense and

provides a good customer outcome, we will lend.

Make Second Charge Mortgages Second Nature

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210x297_SB_SL_2016.indd 1 23/03/2016 09:33

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T he Mortgage Credit Directive helped to serve to bring second charge mortgages to the masses, but are you taking them seriously? The challenge now is to get mortgage intermediaries to fully understand when they can be valuable.

Post MCD the advice process is much more aligned to that of its bigger brother the first charge market. Add to that continued innovation on criteria and the lowest rates the sector has seen for many years and suddenly you have a very compelling alternative to a re-mortgage.

Lenders have also satisfied the need for the sector to have Tracker, Discount and Fixed rates which previously had been non-existent as the sector relied on standard variable rates which understandably left borrowers feeling exposed.

Suffice to say second charge mortgages are not going to satisfy every borrower’s need but more and more they are not just stepping in as a “fall back” exercise when a re-mortgage hasn’t panned out but are competing with them side by side.

We recently completed a case whereby the client had been seeking further borrowing of £200,000 to purchase an investment property, the re-mortgage route had led to a shortfall in borrowing of some £40,000 and with no contingency in place the purchase was rendered null and void, the intermediary thankfully spotted that the client was enjoying a sub 2% first charge rate which led her to pick the phone up to Brightstar to determine the options available via a “second”. We were able to secure

the full £200,000 at a sub 5% rate and complete the mortgage within 3 weeks. The product has a very low early repayment charge meaning the cost of re-financing the second charge is not going to be a hindrance should the need apply. Thankfully the low first charge rate served to be the trigger on that particular case, other common reasons are retaining interest only, lending into retirement, borrowing over longer periods and as with the example given, borrowing more than a re-mortgage will provide, sometimes it is simply that funds are required quicker than a re-mortgage permits and this is the client’s primary need.

We are working hard to bring our intermediaries “up to speed” as we accept that there are differing levels of knowledge and experience as far as the sector is concerned, some intermediaries may know the sector of old and see it as a “subprime” market and others may simply have never considered the option, the sector today is very different to that of years gone by and the quicker that is understood the better it will be for intermediaries and their clients.

UNDERSTANDING VALUE & TAKING IT TO THE MASSES“ SUDDENLY YOU HAVE A VERY COMPELLINGALTERNATIVE TO A RE-MORTGAGE ”

BRADLEY MOOREDirector — Second Charge Mortgages

STRONG CONTENDERPOST MCD PRESENTS NEW CONSIDERATION

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SECOND CHARGESBY BRADLEY MOORE

SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

STRONG CONTENDERPOST MCD PRESENTS NEW CONSIDERATION

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SECOND CHARGESBY BRADLEY MOORE

#Mad

eEas

ySO WHAT DOES THE MARKET LOOK LIKE IN 2016?Brightstar works with 14 lenders covering all things residential and BTL, from super vanilla through to heavy adverse. Our average loan size is typically upwards of £60,000 and the most common loan purposes are debt consolidation and home improvements, that said the biggest upwards trend has been capital raising for property purchases.

We are able to offer both an advised process and a packaged only route, satisfying the need of both independent and restricted intermediaries who haven’t brought second charge within their own scope of service. Finally, my team are all CeMAP qualified and have over 40 years’ experience in the sector, meaning they are not only suitably qualified to give advice but have the required knowledge of the sector to ensure they source the best solution for our intermediaries’ clients.

SECOND CHARGE MORTGAGES HELPDESK

T: 01277 500 900 OPTION 2E: SECONDCHARGE@BRIGHTSTARHUB.CO.UK

CRITERIA AT A GLANCESPECIALIST DOESN’T HAVE TO MEAN DIFFICULT

MAX LOAN SIZE £2.5MILLION, MORE ON REFERRAL

NO UPFRONT FEES NO LEGAL FEES

LOW EARLY REPAYMENT CHARGES

BTL UP TO 85% LTV

RESIDENTIAL UP TO 95% LTV

3 WEEKS TO COMPLETE A LOAN ON AVERAGE

ANY LEGAL PURPOSE INCLUDING BUSINESS

#MadeEasy

I n January 2016, labour market figures revealed that more people are starting to realise the benefits of self-employment and are opting to become their own boss. However, although the number of self-employed people in the UK is at its highest level in forty

years, too many of these potential borrowers are still being excluded from the mortgage market. This begs the question; why are some lend-ers still shying away from developing mortgages for the self-employed?

THE UNDERSERVED BORROWERIt is true that applications for the self-employed borrower are more difficult to assess because the category covers many business types and varying levels of income, and of course the possibility that there may be periods with no income at all. If the borrower doesn’t have a regular income paying the same amount every month, some conventional lenders decide they either cannot or will not help these people, while the majority of main high street lenders want to see two to three years’ worth of accounts or tax returns.

INDIVIDUAL MERITSGenerally speaking, because it is their own business, the self-employed are motivated to do whatever it takes to increase their income and improve and grow both their business and its profits. Due to this, they are often less of a risk than many employed people and it is important to remember that each case depends on the individual’s circumstances and requirements. Some lenders are already swamped with vanilla clients so they don’t necessarily have the bandwidth to look at other markets. However, although there are some lenders out there who cater for the self-employed or people with more than one income, there is clearly

a growing need for even more lenders to enter the market. There-fore, although these cases are more specialist, it is a big niche that is continuing to grow and develop due to increasing demand from the self-employed.

A MISSED OPPORTUNITYIn my opinion, many intermediaries turn potential clients away simply because they are unaware that there are specialist lenders out there who lend to, and specialise in the self-employed borrower, and who have the experience to take on the buoyant sector. In fact, the vast majority of lenders who lend to the self-employed look at each case on its personal merits and some are even tailored specifically for the self-employed market.

Our primary aim at Brightstar is to ensure the intermediary community knows that there are accessible specialist solutions available. There-fore, the specialist team works alongside our lender partners to develop products in order to fill the gaps created by the mainstream lenders while taking the time to look at each case on an individual basis.

So why disregard potential self-employed borrowers who are now an absolutely fundamental part of the UK economy when you can retain business by passing them on to a specialist? I am optimistic for the borrowing prospects of the self-employed and it would be a missed business opportunity if intermediaries were to ignore this source of potential borrowers, particularly as these cases can be handled by experienced specialists like Brightstar.

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“ AND WHY THEY SHOULDN’T BE TURNED AWAY ” CHRIS BRAMHAMDirector — Mortgages & BTL

THE SELF RAISINGRISE OF THE SELF EMPLOYED

12

MORTGAGES & BTLBY CHRIS BRAMHAM

SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

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THE SELF RAISINGRISE OF THE SELF EMPLOYED

13

T here are numerous cases that do not fit the standard lending criteria including those with adverse credit, with many potential borrowers being refused finance due to a poor credit history. This includes debt management

plans which emerged in 2007 from the credit crisis. In addition, those with unusual income do not fit the traditional benchmarks, as lenders often require three months’ payslips.

Older borrowers also sit outside of the criteria, with research revealing that people in their 40s are finding it increasingly difficult to get a mortgage and a third of intermediaries believe the problem could get worse. Intermediaries need to find solutions for non- standard clients if they are to earn the right to keep them as clients. The solution is often to “hand off” to a specialist partner.

THE KEY INGREDIENTSA complex prime mortgage refers to cases that the high street banks do not want to take on. However, this doesn’t necessarily mean there is anything wrong with the borrower. They may not be classed as a ‘vanilla’ client as they may not tick all of the boxes such as standard income, standard construction and a standard credit file, for example.

There has been a significant growth in our business over the past 12 months, echoed in our mortgage division where we have seen a 45 per cent increase in the number of cases in the past year. This is because more intermediaries are becoming aware of the specialist market, and are seeking solutions that in the past they either didn’t understand or were nervous of based on limited knowledge. As a result, we are seeing an increasing number of unusual cases entering the specialist market because normal isn’t necessarily normal anymore.

#MadeEeasyThere have not been many specialist lenders dealing with complex prime mortgages, but it is evident that the market has taken posi-tive steps forward in recent months. Although there are still some lenders who are nervous about these specialist cases, we are see-ing a positive shift in the sector as more entrants continue to enter the market including Bluestone Mortgages and Foundation Home Loans, and it is likely we will see more emerging in 2016. Stalwarts like Kent Reliance, Saffron and Precise continue to develop and innovate their proposition, which adds further testimony that the sector is alive and thriving.

In my opinion, the intermediary market is willing to engage with more complex cases albeit with some reticence. Many fear the unknown and intermediaries who do not understand the specialist market do not see it as a viable option or solution, and it is this preconception that drives a lot of lender behaviour. Our job is to reduce this fear of the specialist area, and intermediaries should continue to be educated on the route to market, as well as what products and services are available.

THE UNKNOWNThere is clearly an anxiety amongst intermediaries and additional regulatory risk associated with complexity. There is also a percep-tion that the regulation around the specialist market is less rigid when in reality the opposite applies and lenders in the specialist sector have a much more thorough assessment process.

In my opinion, the market will continue to grow and develop. Inter-mediaries should not fear the unknown and must continue to learn as much as they can and, more importantly, they should use experts in this field to provide solutions for their clients. Every client they can provide a solution for by “handing off” to a specialist distribution partner is a client that they will retain.

RISE TO THE CHALLENGECOMPLEX PRIME MORTGAGES & ELIMINATING FEAR OF THE UNKNOWN

MORTGAGES & BTLBY CHRIS BRAMHAM

MORTGAGES & BTL HELPDESK

T: 01277 500 900 OPTION 1E: MORTGAGES@BRIGHTSTARHUB.CO.UK

THIS INFORMATION IS FOR INTERMEDIARIES ONLYKensington and Kensington Mortgages are trading names of Kensington Mortgage Company Limited. Registered in England & Wales: Company No. 03049877. Registered address: Ascot House, Maidenhead Office Park, Maidenhead SL6 3QQ. Kensington Mortgage Company Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 310336). Some investment mortgage contracts are not regulated by the FCA.

Real Life Lending up to 85% LTV

Buy to LetUp to 80% LTV

Rental coverage of 125% at 5.50%

No minimum income requirements for existing landlords

Maximum loan size £1.5m

Let to Buy available

Find out more about how Kensington can help your clients.

Call the Brightstar Helpdesk on 01277 500 900 (option 1) and ask to talk about Kensington.

Life can be complicated, especially when not all of your clients fit into the neat categories that come with standard mortgage applications. At Kensington we like to think a bit differently. With a little help from us your ‘complex cases’ don’t have to be complicated.

ResidentialApplicants with adverse credit:- Current debt management plans- Defaults, secured loan arrears or CCJs over

24 months- Communications defaults ignored

Self-employed applicants who want to use their most recent year’s figures

Contractors with less than 12 month’s history, if contract is within an existing profession

Clients who require bonus, overtime or second job income for affordability

15

INTERVIEWBRIGHTSTAR BDM

F ormer mortgage intermediary Christina Smith is one of four business development managers at Brightstar and covers all of London, Essex, Kent, Middlesex and part of Surrey.

WHAT IS YOUR ROLE AT BRIGHTSTAR?My job is to create awareness for Brightstar while updating intermediaries on the vast range of services we offer. I visit intermediaries in their office, at home or wherever works best for them in order to talk through the options and processes of each of our specialist divisions; mortgages and buy-to-let, second charge mortgages, bridging, commercial and development finance.

WHAT DOES AN AVERAGE DAY LOOK LIKE?When I get home from work, I look at my diary for the following day and plan my route which of course depends on where the interme-diaries are based. In terms of managing my diary, my colleague who is office-based books the majority of my appointments, allowing me to optimise my time on the road. I will also contact intermediaries from our database to see if I can arrange to meet them in the spare time I have between other scheduled meetings.

Although I travel independently, I may occasionally ask one of the consultants to accompany me if I think it would benefit them as well as the intermediary, due to their expertise in their specialist field.I also research the intermediaries I am meeting beforehand in order to get an idea about what they cover as well as any specialisms they may have. On some days, I may visit up to four intermediaries and in between meetings, I catch up on voicemails and emails. Some enquiries may come through me and I often forward them to the relevant specialist divisions to see if they can help with any cases the intermediary may have. I also check our sales reports and

regularly update the internal spreadsheet which allows me to see if there are any trends in terms of our most frequent users, who the introducers are and which of our various networks offer the most levels of business.

I receive system generated emails from our EasySource technology twice daily, detailing any new registrations, enquiries, applications, offers and completions. It is great to have a ‘real-time’ case manage-ment system to refer to 24/7.

Although each day is different from the last. On Wednesdays I spend time catching up with our regular London intermediaries and get feedback from them on the service we have provided.

WHAT CHALLENGES ARE YOU OFTEN FACED WITH?Due to the nature of the enquiries we receive, we deal with lenders who work on longer SLA’s than the high street. By the time cases reach us, they are often urgent so responses are needed ASAP. We deal with this by managing client expectations by making intermediaries aware of the time scales they can expect.

HOW HAVE PAST EXPERIENCES PREPARED YOU?Having come from an intermediary background myself, I understand what their frustrations can be so I can empathise with them and ensure we get things right the first time so we can make their lives easier.

WHAT MOTIVATES YOU TO DO WELL?Job satisfaction is key for me and with this role I have been fortunate enough to find it. I love what I do and being able to help intermediar-ies with cases that they potentially may not have been able to place means that we make a real difference.

FOCUS POINTAN INTERVIEW WITH CHRISTINA SMITH

THIS INFORMATION IS FOR INTERMEDIARIES ONLYKensington and Kensington Mortgages are trading names of Kensington Mortgage Company Limited. Registered in England & Wales: Company No. 03049877. Registered address: Ascot House, Maidenhead Office Park, Maidenhead SL6 3QQ. Kensington Mortgage Company Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 310336). Some investment mortgage contracts are not regulated by the FCA.

Real Life Lending up to 85% LTV

Buy to LetUp to 80% LTV

Rental coverage of 125% at 5.50%

No minimum income requirements for existing landlords

Maximum loan size £1.5m

Let to Buy available

Find out more about how Kensington can help your clients.

Call the Brightstar Helpdesk on 01277 500 900 (option 1) and ask to talk about Kensington.

Life can be complicated, especially when not all of your clients fit into the neat categories that come with standard mortgage applications. At Kensington we like to think a bit differently. With a little help from us your ‘complex cases’ don’t have to be complicated.

ResidentialApplicants with adverse credit:- Current debt management plans- Defaults, secured loan arrears or CCJs over

24 months- Communications defaults ignored

Self-employed applicants who want to use their most recent year’s figures

Contractors with less than 12 month’s history, if contract is within an existing profession

Clients who require bonus, overtime or second job income for affordability

A-DAY-IN-THE-LIFEOF A BRIGHTSTAR BUSINESS DEVELOPMENT MANAGER

GARY BAILEY DISCUSSES THE SUCCESSOF THE BRIDGING SECTOR GARY BAILEY

Sales Director at Together

16

BRIDGING SPOTLIGHT

SUCCESS OF THE BRIDGING SECTOR

INTERVIEWOFFICIAL HUB #9 SPONSOR

SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

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B ridging finance is enjoying increasing popularity, with reports it is now growing at a much faster pace than the mainstream mortgage market. Here at Together, our most recent figures for the quarter ended 31 March 2016, attest to continuing

growth, with the value of loans up 35% on the same quarter in 2015.

This growth is part of the wider picture of the boom in alternative finance, which has flourished in recent years as a result of the sometimes limited access to funding from mainstream lenders.

We recently carried out research across the UK to understand perceptions of current access to loans and finance, which reaffirmed this. For example, over a third believed that there is now less flexibility in borrowing money than before the credit crunch, with almost a half stating they believed that credit rating makes the biggest difference in a loan being accepted.

With specialist lenders like ourselves, this isn’t the case. We view each lending decision individually, taking a common sense approach, and it’s this ability to deliver fast and flexible finance when it’s needed that’s helped us to achieve such growth.

Consistently low average monthly interest rates have also aided the sector’s growth, whilst the changing perception of bridging itself is an important factor. It has grown markedly as a sector, transforming notions of its uses and suitability in the process. Bridging finance is now increasingly seen as an ideal short-term funding solution for a wide variety of scenarios.

According to industry figures, the most common use of bridging finance in 2015 was for mortgage delays, whilst other uses included refurbishments and also business purposes. This highlights the breadth of bridging finance and what it can help customers achieve - from repairing residential property chain breaks to releasing cash flow for businesses.

Given the many varied purposes which bridging loans can serve, it’s important that lenders deliver the products that have the sort of flexibility that brokers want for their clients. At Together, we offer bridging loans with terms from three to twelve months, and up to 75% loan to value, or 100% with additional security.

We consider all property types and our customers range from employed and self-employed to limited companies, sole traders and partnerships.

Speed and service are essential when it comes to providing bridging finance, and we’re proud of our exceptional record in this arena. We were recently awarded Best Service from a Bridging Finance Provider and we work closely with our broker partners and our network of valuers, surveyors and solicitors to make sure that we deliver funds as efficiently as we can.

For example, in one case we were able to fund a bridging loan in just two days. We were approached by a broker whose client had been let down at the eleventh hour by his previous lender and risked losing the deal and facing penalties.

17

BRIDGING SPOTLIGHT

SUCCESS OF THE BRIDGING SECTOR

SPONSORED BY:

INTERVIEWOFFICIAL HUB #9 SPONSOR

CALL THE BRIDGING FINANCE HELPDESK

T: 01277 500 900 OPTION 3E: BRIDGING@BRIGHTSTARHUB.CO.UK

He needed a bridge of £470,000 and turned to Together for help. The purpose of the loan was to fund a buy-to-let property he had bought at auction and re-finance an existing loan on his residential property, valued at £1.8 million, with a planned sale as the exit strategy.

As a result of our common sense and speedy approach, the funds were delivered in a phenomenal 15 working hours, thanks to excellent packaging from the broker and an online submission through our portal, with legal teams on both sides liaising closely to get the deal done quickly.

It’s cases like this that showcase how bridging finance can deliver outstanding results and real long-term gains, and our brokers know they can trust us when it comes to ensuring the best possible outcome for their clients.

REGULATED BRIDGINGAt Together, we also now offer a regulated bridging product, which includes a 12-month roll-up and no early repayment charges. Although this product was only launched as a pilot in December 2015, we’ve already received industry recognition as a result and were recently nominated as Regulated Lender of the Year.

The use of a regulated bridge has become more widely accepted as customers recognise that it can allow them to access funds much more quickly than traditional mortgage products. Although there are a number of reasons why customers may take out a regulated bridging loan, the main ones are property purchase and refinancing.

It’s the ideal bridge to purchase new property for someone who owns an unencumbered property, with feedback from brokers suggesting that three or four out of every 10 successful cases are likely to be where the customer’s existing property is unencumbered.

We will normally accept the security of a property which is up for sale (where the property is already on the market) or where a grant of probate has been issued. In short, there is a clear, imminent exit in sight, not a speculative outcome.

Our rates for regulated bridging start from just 0.65%, and competitive pricing combined with flexible terms and efficient service set us apart.

To give an example, we recently completed a regulated bridging loan for £1.65 million. The client wanted to repay his existing loan as he was putting his property on the market, valued at £2.9 million, in order to downsize. His exit strategy was to repay the full amount on sale of the property. The client’s broker approached us because they trusted us to deliver the funds against the timescales, and helped us by providing all the relevant information we needed to make it happen.

This is just one of many success stories, and as we grow this area of the business, we look forward to helping more customers, through our trusted broker partners.

Whether it’s regulated or unregulated, bridging finance can help customers unlock the short-term finance they need.

Find out more at www.togethermoney.com

P reviously, property investors could claim all of their interest payments as an expense against their rental income and to pay tax on their net profit. However, as a result of the Summer Budget, it is understood that this will no longer be allowable

as an expense for private BTL landlords. They will be able to claim a credit at the basic rate of tax and this change will be phased in from April 2017. The consequence of these proposed changes is that private BTL landlords will be disadvantaged compared to larger and corporate landlords.

COMPANY OWNERSHIPSome investors are interpreting the current changes and looking to mitigate this loss by transferring their property portfolio to corpo-rate structures by setting up a limited company for their properties. Although there are many considerations to setting up a company or a special purpose vehicle, there are at least more lenders launching with limited company BTL mortgages. Generally speaking, these tend to be the more specialist BTL or commercial lenders, although most still want the investor to have the deposit value in the limited company. On the other hand, those wanting to invest in a property may decide to switch their investment from residential to mixed use or commercial properties because the same rules do not apply.

THE POTENTIAL PITFALLSThe potential pitfalls for companies, unlike standard BTLs, companies are that they are liable for corporation tax on income at 20% today and reducing to 18% in the next 5 years. It is important to remain cautious as investors could potentially trigger a large capital gains tax liability on

the property if they need to sell it, and it could even end up being treated as a disposal by the company. If someone wants to transfer their prop-erties to a limited company then the company has to buy the properties from them and will have to pay stamp duty as well as capital gains tax. Such corporate structures come with costs for legal set up as well as administration fees.

A MOVE TO PLUG THE TAX LOOPHOLEAlthough some intermediaries predict purchases on homes by limited companies will increase further, it is feasible that this could be seen as a loophole by a future government. This means the investor would need to take professional tax advice from a qualified accountant who is familiar with the laws to ensure it is worth their while transferring the properties.

GREY AREAS OF SPECULATIONAlthough it seems that the government is more in favour of institutional BTL investors than the smaller investor, there is no telling if it will be passed as a law. However, if it was, the market could take a tumble. It can be argued that it would be less profitable for smaller landlords and some may make a loss and have no choice but to sell the property, and house prices could decrease as a result.

Having all your eggs in one basket can often be a high risk strategy. Therefore, due to increasing speculation and varying interpretations of BTL landlords using limited company structures to purchase properties, the commercial finance industry must remain vigilant and prepared for any additional tax or regulatory changes that may arise in the near future.

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GREY AREAS OF SPECULATION AND A POTENTIAL LOOPHOLE

LIMITED LOOPHOLEANALYSING LTD COMPANY OPPORTUNITY

COMMERCIALBY ROBERT COLLINS

ROBERT COLLINSDirector — Commercial Finance

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SUBMIT YOUR ENQUIRY

IN JUST 90 SECONDSWWW.EASYSOURCE.CO.UK

19

FLEXIBLE APPLICATION PROCESSIt is quick and easy for any intermediary with a potential commercial client to apply. Simply log on to:

www.EasySource.co.ukOf course if you just want to chat through the options just ‘phone a member of the team on:

01277 500 900 option 4or email us at commercial@brightstarhub.co.uk #M

adeE

asy

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LIMITED LOOPHOLEANALYSING LTD COMPANY OPPORTUNITY

MORTGAGES & BTLBY CHRIS BRAMHAM

INCREASING DEMAND FACTS & FIGURES

COMMERCIALBY ROBERT COLLINS

W e have seen a good level of ongoing demand for lending on mortgages for commercial owner- occupied buildings. With interest rates at historic lows, many business owners are looking to swap

rental payments for mortgages on properties such as retail units, offices or any commercial premises used by the business.

There are a few ways directors can do this; personal names, limited companies, pension funds or trusts. One of the main reasons why many directors are buying properties through their business is because it is often viewed as an investment, as rent is seen by many as dead money. In addition, the acquisition of a proper-ty can add stability to a business, the property itself can become a significant asset and the business is often worth more as the asset appreciates.

On the other hand, those who personally own business premises can get their companies to pay them rent and it provides additional flexibility as the individual and the company are separate legal enti-ties. For example, we have clients whom have sold their businesses, but retained the premises as a long-term investment maintaining the rental payments from the new business owners.

I nterest rates start from around 2.5% over the base rate, lender fees start from 1% and the majority will typically offer 20 to 25 year repayment terms with a maximum of 80% LTV. In addition, interest-only facilities can be arranged, but they

tend to have a higher interest rate. The lender will typically ask for a recent set of financial accounts, bank statements and details of the property to be purchased.

Commercial owner-occupied business mortgages are by no means ‘off the shelf’ loans. As a result, intermediaries that do not deal in the commercial lending sphere often do not even consider master intermediaries trading in these specialist areas. Therefore, instead of turning away potential clients, bringing a specialist like Brightstar on board, which has the contacts and market knowledge, will help to get your client the most suitable deal.

Commercial finance presents considerable prospects for those that can adapt to the shifting environment. Although some will continue to take a cautious attitude towards niche clients, it is time that more intermediaries realised the business potential for commercial finance because demand is strong and growing.

Commercial finance covers a broad spectrum of lending and offers a wide scope of opportunity for you and your clients and, by not adding it to your offering, you could be missing out on an income stream. If you are approached by a potential client who is an ‘unusual borrower’, such as pension funds, limited companies and charities, specialists like Brightstar can help.

NO MORE MR. SHY GUYBRIGHTSTAR ASKS, WHY SHY AWAY FROM COMMERCIAL LOAN ENQUIRIES WHEN A SPECIALIST CAN HELP?

A chieving the Investor in People Gold standard has been a huge achievement for Brightstar, for which we all feel justly proud. We are one of only 1,047 companies in the entire country to hold the Gold standard: that equates to

just 0.02% of all businesses in the UK!

Recommended by IIP as an exemplar company and case-study organisation, we feel assured that when it comes to our people and the management and development of them, we are doing an outstanding job. Indeed, the Investors in People framework sets the standard for better people management and is the sign of a great employer, an outperforming place to work and an organisation with a clear commitment to sustainability.

In order to achieve Gold accreditation, Brightstar needed to achieve 165 indicators. We achieved 173 of the 195 available, with the assessor saying that we could have achieved even more had more criteria been measured! We went through a two-day assessment with an assessor who spent time interviewing staff and examining all of the company’s practices. It was a thorough but exhilarating process. Achieving the Gold was everybody’s achievement and this was a crucial and highly valuable facet of the whole experience.

Our IIP assessor, Allan Churchman identified the cohesion and motivation that our team demonstrated saying, “(that) in more than twenty years of working with IIP, I have never had such a positive approach from all levels of an organisation. I could not believe the passion that people had. Everyone there is pulling together…. A truly outstanding company.”

In short, our IIP journey has been absolutely amazing; it enabled us to benchmark ourselves against a set of challenging performance indicators, gave us the opportunity to confirm and celebrate what we were already good at and gave us pointers of what to do next. Indeed, the most valuable part of the process was identifying for us the working practices, behaviours and ethos that we should aspire to in order to be an outstanding organisation.

Achieving the IIP Gold standard is a huge endorsement of everything that we believe in at Brightstar and everything that we work to achieve. Our fundamental ethos is to develop our staff,creating a fun place to work for people who are passionate about what they do. This training and development starts as soon as someone joins us and runs right to the very top of the business. We believe that this continuous development enables us to recruit and retain the highest quality staff and to provide higher levels of engagement and service both to the bro-kers who place business with us and everyone else who deals with us.

I personally believe that Investors in People is a must for any organisation, however large or small and from any sector. Indeed, research clearly shows that whatever sector or industry, size or market, organisations working to the Investors in People standard increased efficiency, productivity and employee engagement. Investors in People organisations are also more profitable, sustainable and optimistic about the future.

I also feel that working the IIP way also brings a sharper understanding of your business and people. Understanding your organisation’s performance against its objectives creates clarity around how and where you can improve. A clearer vision enables you to channel resources more effectively and to harness the talent of your people towards achieving the organisation’s goals.

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IIP GOLDBY CLARE JUPP

INVESTORS IN PEOPLEWHAT IT MEANS TO GET GOLD WHAT IT MEANS FOR INTERMEDIARIES & BRIGHTSTAR

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BY CLARE JUPPDirector — People Development

“ BEING GOLD ”WHAT IT MEANS FOR OUR INTRODUCERS

“ BEING GOLD ”WHAT IT MEANS FOR OUR INTRODUCERS

T he good news and celebrations continue for us and just eight months after being awarded our IIP Gold Standard, Brightstar has since been named the Investors in People (IIP) Gold Employer of the Year (up to 249 employees), beating

more than 300 companies from 29 countries across the globe. Bright-star won from the top 7% of all IIP certified businesses in the world, officially making us a global winner!

The IIP awards celebrate the best people management practices amongst IIP accredited businesses and, despite the high number of global entries, only six businesses made the final short list, thus positioning us amongst the very best companies in the world in terms of people management.

We are all incredibly proud of achieving this award and believe that each and every one of us has contributed to achieving this success. We have a strong ethos of teaching and learning across the whole business and a commitment to challenging teams and individuals so that they perform to their optimum.

The grand final of the Investors in People Awards took place on the 29th June at Old Billingsgate Market, London and the glitzy 1920s themed awards evening was hosted by television and film actress Sally Phillips, most famously known for her supporting role in Bridget Jones’s Diary.

Discover how Brightstar helps to support its team members by reading the case study detailed below:

HOW DID YOUR JOURNEY WITH BRIGHTSTAR START?

I had worked with our CEO, Rob Jupp at various companies from 2001-2010. During the economic downturn, I spent a few years in a customer service role in the medical sector. In 2013 I received a call from Rob, to say there was a role for me at Brightstar if

I wanted it. Having had the benefit of working with Rob and the management team previously, I didn’t need to think about my decision; my mind was made up from that very moment! I started off as an admin-istrator for the Bridging & Commercial teams but when they separated into divisions in their own right, I decided my passion was in Bridging Finance as I loved the fast paced nature of the sector.

WHAT IS YOUR CURRENT ROLE?During the year spent in my role as an administrator, I’d become more and more pivotal in the process of problem solving and seeing cases through to completion; I enjoyed helping our introducers’ clients realise their dreams and wanted to be more involved in matching lenders to each client’s individual circumstances. One of our consultants left the business so he could work closer to home and the management team asked if I’d like to make the leap and become a consultant in my own right so I did! Since starting my new role I have achieved so much, including receiving the top producer award for the entire company in 2015!

WHY DO YOU THINK YOU’VE BEEN SO SUCCESSFUL?I like to think it’s because I care very much about both our introducers’ business and ensuring we achieve the best possible outcome for them. I respect that we are responsible for the introducers’ reputation when they have referred their clients to me and I think that shows; my stint as a customer service adviser definitely helped me achieve this mind-set. The ‘growing your own’ philosophy at Brightstar has also allowed me to learn hands on and whilst having the CeMAP qualification is essential, my experience prior to taking the consultant role was extremely valuable.

HOW DID THE MANAGEMENT TEAM HELP YOU GROW?Aside from empowering me to make the decision to step up from an admin role to that of a consultant, they have provided me with some excellent training including paying for me to take my CeMAP exams. I sit on a number of company committees which enables me to have a voice in the decision making process. We are rewarded for our success through a variety of schemes and that recognition results in the desire to continually exceed expectations. As a working mum I’m afforded a great deal of flexibility to attend events such as school plays and sports days which is really important in managing my work life balance.

IIP GOLDBY CLARE JUPP

21

2016 IIP GLOBAL WINNERSINVESTORS IN PEOPLE GOLD EMPLOYER OF THE YEAR

WORKING IT

HEAR FROM ONE OF OUR WORKING MUMS

- JO LOGAN, BRIDGING FINANCE SPECIALISTVOICE OF THE INVESTED

“ IIP & HOW TO ACHIEVE IT ”VIEW OUR STEP-BY-STEP GUIDE

Scan this QR code:

COMPLIANCEFOCUS ON INTERMEDIARIES

22

T he FCA regulates over 56,000 firms with a supervision model that is either proactive or event driven, otherwise known as reactive. They visit a number of firms each year to identify how their processes, procedures and outputs

measure up to the regulatory standards required.

Thematic, proactive reviews are often planned in advance with the firm and will review specific areas of the financial service industry. Less commonly, the regulator may target specific firms as the result of information received about performance. Information could come from data analysis, whistleblowing, or from complaints by the public.

The FCA wants to know how businesses are really run, rather than just how they control their risks; they want to find where problems flow from and address them at the source.

A number of areas are usually reviewed by the FCA to examine to what extent firms put the integrity of the market and the fair treat-ment of consumers at the heart of how they do business. These usually include looking at a firm’s:

n Business model and strategy

n Culture

n Front-line business processes

n Systems and controls

n Governance

Culture within a firm is an area that the FCA are placing particular emphasis on. They want to understand how a firm conducts their business, what they expect of their staff and attitudes towards cus-tomers. Your culture reinforces everything you do, setting the tone

for the behaviours you promote and reward. You must decide what type of culture is suitable for your firm, and demonstrate appropriate behaviours from the top down. An effective culture will ensure that you treat customers fairly in everything you do.

So, if you are expecting a visit from the FCA, it is good preparation to be able to confidently answer the following questions about your business:

HOW TO ENSURE YOU ARE COMPLIANT BY ELIZABETH HARRISHead of Risk & Governance

#Mad

eEas

yJ How does our sales process work and what controls are in place to monitor whether it is effective?

J How is the governance of our management information used?

J What management information reporting do we have in place?

J Is our risk register updated regularly and does it mirror the risks to our business?

J How do we communicate our management decisions to staff?

J Do we proactively seek feedback from our clients and how is this information used?

J If we use external advisers, how are they monitored and supervised?

J What training arrangements do we have in place for new starters and existing staff?

J How do we monitor ongoing training and competence?

J How do we document senior management decision making?

COMPLIANCE REVIEW

HOW THE FCA SUPERVISES FIRMS

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COMPLIANCE REVIEW

HOW THE FCA SUPERVISES FIRMS

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Head Office: PO Box 706, Fareham PO14 9PS. Telephone: 0345 878 7000. www.interbay.co.uk. Registered in England number: 05595882. Registered office: Reliance House, Sun Pier, Chatham, Kent ME4 4ET. Part of the OneSavings Bank plc group (company number 7312896).

To find out how we can help grow your client’s property portfolio, visit interbay.co.uk or call 0345 878 7000

Introducing new 3 year and 5 year fixed rate options – 75% LTVWhen it comes to commercial and Buy to Let mortgages, clients want three things, simplicity, clarity and value. That’s why we’ve introduced a range of 3 and 5 year fixed rate mortgages for all loan terms up to 75% LTV.

What’s more, with affordability of our 5 year fixed mortgages now calculated at the product interest rate, your clients have the opportunity to borrow more and benefit from longer-term security.

New fixed rate mortgages Simple. Clear. Competitive.

Introduction of Prime Semi-Commercial Investment pricing

InterBay offers even more value:

Fee reduction on large Buy to Let and HMO loans - £1m plus

We reward borrowers for their loyalty

Reduction rate on our Homes in Multiple Occupation (HMO) mortgages

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T he development finance sector has moved on a great deal in recent months, with many more options for development mortgages across a range of schemes, sizes and locations. Having the right market knowledge and access to the best

resources and products is essential and, as a result, the number of intermediaries referring niche cases to specialists like Brightstar is on the rise.

Many experienced developers choose to borrow the maximum amount they can, subject to pricing parameters, as they often want to keep some cash back in case they encounter any problems during the proj-ect or to ensure they are able to take advantage of another project if it comes along.

THE THREE LENDERSThere are three types of lenders that deal in development finance; senior lenders who offer 60 to 75 per cent loan-to-cost ratio (LTC), stretch senior lenders who typically loan up to 85 per cent of cost, albeit at a higher rate, and mezzanine lenders who give the borrower top up loans of up to 90 per cent LTCs, on top of funding from a senior lender. In addition to this, we also have specialist providers that can cover a genuine 100 per cent funding on a joint venture basis.

A senior lender typically charges 2% entry fee, 1% exit fee and an interest rate of around 6%. On the other hand, stretch lenders charge

2% entry fee, another 1% exit fee, but an interest rate of 10%. In short, the interest rate is higher because the LTC is higher. The lender prices for risk but as the developer’s track record improves the easier it will be to get the finance they need, and usually it will be cheaper as a result.

Lenders will look at the type of development project they are investing in as well as the developer’s experience, as they will not want to expose themselves to any unnecessary risk. Most lenders will look at a developer’s track record to prove they have the expertise to handle each project on time and to budget; they will want to see that a developer has dealt with a similar type of project before or built up to this type and size of development.

A SPECIFIC NICHEIt takes a certain type of lender to lend on a full scale development project and if a client borrows from a lender that doesn’t understand what is involved, problems may arise. However, there is no need to turn this work away because although it is a specific niche, it’s one where demand is increasing substantially. Therefore, although it may be a market you’re unfamiliar with, it is better to seek help from specialists like Brightstar who have daily interaction with every development lender and can therefore find the right one to meet the needs and circumstances of the client.

TAKING-IT-TO-THE-TOP ADVANCED PROPERTY DEVELOPERSAND WHY THEY MEAN BUSINESS

ROBERT COLLINS & KIT THOMPSONCo Directors — Development Finance

DEVELOPMENT ELEVATION

FROM FTD TO ADVANCED PROPERTY DEVELOPERS

DEVELOPMENTBY KIT THOMPSON & ROBERT COLLINS

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DEVELOPMENT ELEVATION

FROM FTD TO ADVANCED PROPERTY DEVELOPERS

DEVELOPMENTBY KIT THOMPSON & ROBERT COLLINS

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APPLICATION PROCESSIt is quick and easy for any intermediary with a potential development client to apply. We have a one page quick enquiry form to collect basic details on a scheme or alterna-tively we can accept a basic feasibility study to provide you with initial feedback for your client before moving to a more detailed application.

Of course if you just want to chat through the options just ‘phone a member of the team on: 01277 500 900 option 5 or email us at development@brightstarhub.co.uk

#Mad

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T here are a growing number of people wanting to go into property development, with many capitalising on rising property prices as well as the increasing need for new homes. More often than not, those who have a building

background also have a portfolio of buy-to-let properties while others who have little or no experience at all may choose to build from the ground up, both literally and metaphorically.

PRICING FOR RISKGenerally, lenders who lend to first time developers are conscious of risk and prefer if the project is on a smaller scale, so their exposure is lower in the cases of problems until a track record is established. It generally also means that it will cost the client more to borrow the required funds. However, once the borrower has proven that they are a good risk by successfully completing a project on time and in budget, more lenders are likely to consider them for development finance in the future and the rates will often get progressively lower as the developer builds a successful track record.

The alternative lending market can seem complex to those who are largely unfamiliar with it. As a result, some intermediaries are still turning away clients that require short term funding that helps them pay for building development costs. However, it is crucial to under-stand that just because you may not know the lenders, it doesn’t mean they’re not out there and this is where Brightstar’s lender panel comes into play.

PLACING A SPECIALIST CASE It takes a special type of lender to lend on a full scale development and real problems can arise if a client borrows money from a lender that doesn’t understand what is involved in these types of construc-tion projects. Therefore, although more lenders are coming to the market, first time developers should get their loan from a specialist development lender who has real market experience and who will offer added value by utilising their professional expertise, particular-ly if any issues or difficulties arise on the project.

SUCCESS COMES IN CANSEach development finance transaction is unique and is looked at on its own merits, although the client profile, previous project ex-perience, cash input and development location will have an effect on the maximum loan parameters and pricing. Even though it can be challenging for an intermediary who is new to the sector or who specialises in different areas, the team at Brightstar have the expe-rience of dealing with these more specialist cases on a daily basis.

When considering development options for the first time developer it is important to remember that lenders want to lend rather than spend their time looking for reasons not to and, even if it cannot be done on the high street, it doesn’t mean it cannot be done.

Due to the scope of our lender panel, Brightstar can offer specialist support to intermediaries and assist property developers to help match the requirements of the client to the best loan product avail-able. Therefore, it is worth exploring all of the options before turning a client away, as very often what seems almost impossible at first can be achieved with the help of a development finance specialist like Brightstar.

“ BREAK THROUGH WITH BRIGHTSTAR ”

FIRST TIME DEVELOPERSDEVELOPMENT FINANCE FOR FIRST TIME DEVELOPERS: WHY SUCCESS COMES IN CANS, NOT IN CANNOTS

W e were recently approached by an experienced proper-ty developer with a background in investment banking. The client, who has been a full-time property developer since 2001, has a proven track record in property

refurbishments as well as new build projects, and contacted Brightstar to arrange funding for his latest project.

THE PROJECTHe had agreed terms to purchase two auction lots which included a detached four bedroom cottage, a detached two bedroom bungalow and a third plot comprising of a private road/land. The combined purchase price was £850,000 and comprised of two separate legal titles. The client’s intention was to immediately split the titles on the cottage and the bungalow and remarket the larger four bed cottage for a sum of £500,000. This property did not require any renovation work and would likely sell quickly, once the title was split.

At the same time, the client intended to put in a planning application for demolition of the existing two bedroom bungalow in order to erect six new townhouses on the plot, utilising the private road for car parking and access to the new build homes.

THE SOLUTIONBrightstar utilised two separate specialist lending divisions to make this project a reality for the client. The transaction started with a member of

our second charge mortgage team who arranged a second charge loan on the client’s main residence which was valued at £1m. His existing first charge mortgage was with Halifax with a balance of £396,178, and we were able to arrange a second charge loan with Together for £250k (net). This provided the deposit for the purchase of the site.

Stage two of the funding was a first charge bridging loan for a net advance of £600,000. This was funded via Funding Circle and arranged as three separate funds. This allowed the client to split the titles and pay down the loan in sections, as each of the securities were released and either sold or re-financed. Finance was arranged with a 2% lender facility fee and an annual rate of 9% PA, just 0.75% per month and there were no exit fees or ERCs.

Stage three, which is already underway, is a development loan facility for the client to build-out the project as soon as the planning comes through. This is a separate facility arranged via United Trust Bank, with a 2% lender fee, an annual rate of 7.5% PA and 1% on the exit of the loan. The development facility funds 100% of the build, including professional fees and costs and allows interest roll-up, leaving the cli-ent free to concentrate on the build without having to tie-up cash by servicing the debt monthly.

By utilising three different products across three specialist divisions within Brightstar, we were able to cater for our client’s funding require-ments at every single stage of the process, from raising the deposit and acquisition of the site, to full development finance to fund the build once planning was obtained.

CATERING FOR A CLIENT’S FUNDING REQUIREMENTSAT EVERY STAGE OF THE PROCESS KIT THOMPSON

Director — Bridging Finance

TOTAL COMMITMENTHELPING IDENTIFY THE RIGHT PATH & WITH YOU AT EVERY STAGE

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BRIDGINGBY KIT THOMPSON

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TOTAL COMMITMENTHELPING IDENTIFY THE RIGHT PATH & WITH YOU AT EVERY STAGE

BRIDGINGBY KIT THOMPSON

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A s demand for alternative finance continues to soar, the amount of lenders and products are continuing to grow and, as a result, we are increasingly combining different lenders and mortgage products in order to

assist a client.

A CASE IN POINTFor example, one of our clients who is a high net worth individual and an experienced property investor is buying a house in central London for £1.6m. Although it is habitable, in order to maximise the property value it requires a light refurbishment including a new kitchen and bathroom, but nothing structural.

The cost to deliver the refurbishment will be £200,000. We took advantage of the new refurb product offered by United Trust Bank which gives a 70% net advance, plus interest roll-up and cost of works on top. This give the client a net loan of £1.12m against the purchase price for acquisition (£1.6m). That left a shortfall of £480,000 that he needs to raise in order to cover the deposit, plus stamp duty (on an additional investment property) of £153,750 to pay.

However, if he was buying the property to live in and it was his first purchase, he would pay £105,750. He is therefore paying an additional £48,000 in stamp duty due to the government’s

recent changes. In short, he needs to raise £153,750 in stamp duty, £480,000 for his deposit and £200,000 for the refurbishment on the property.

His overall shortfall in order to make the deal work is £833,750. In addition, he has £100,000 in cash in the bank which leaves him with a shortfall of £733,750. However, he has recently built two new build houses in Scotland (worth £650,000 each) that he has managed to fund from his own resources. Both of the properties are wind and water tight and are at second fix stage.

As a result, we couldn’t combine all the debt with one lender. We therefore arranged 70% of the purchase price to get him the money and then went to another lender who was happy to take the two new build houses in Scotland as security, enabling the client to raise the additional £910,000. This will give the client all the money he needs to purchase the house in London which will be worth £2.1m, while the new builds in Scotland will be worth £800,000 each. He can then sell everything to pay off all the facilities and, even after interest and fees, he will still be left with a significant amount of profit.

This particular case shows that if you’ve got multiple securities, our team of specialists can combine a wide variety of different products together to get the borrower an overall package that really works and meets their specific circumstances.

CASE STUDYBRIGHTSTAR EXAMPLE: COMBINING LENDERS AND PRODUCTS TO ASSIST CLIENT NEEDS

27

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T: 01277 500 900 OPTION 3E: BRIDGING@BRIGHTSTARHUB.CO.UK

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INTERVIEW ONEPETER MATTHEWS

WHY DO YOU USE BRIGHTSTAR?

Brightstar works with most of the lenders in the market. The way they structure their deals and their relationships with the lenders means that I can pass them my business but do not lose out on the proc fee. With the regulatory changes in both the residential and buy-to-let market

writing a mortgage is increasingly more time consuming so it just isn’t possible to spend time on everything. Passing cases to Brightstar allows me to focus on my residential and buy-to-let business, while still looking after my more clients with more niche needs, without having to spend a day researching the market every time.

WHAT RANGE OF BUSINESS DO YOU DO?Residential, buy-to-let, corporate loans, corporate buy-to-let, bridging loans and development finance

WHAT DO YOU USE BRIGHTSTAR FOR?I use Brightstar for 80% of my bridging, corporate and development finance loans.

ARE YOU STILL SEEING THE SAME AMOUNT OF BUSINESS GIVEN THE REGULATORY CHANGES?We are seeing the same level of cases to last year, but the increased amount of paperwork since the MMR means that every case takes much longer now. What has changed more recently has been the increased number of house purchase mortgages. There are also fewer buy-to-let purchases at the moment which is understandable, but buy-to-let refinancing is still there.

DO YOU EXPECT TO SEE ANY FURTHER CHANGES THIS YEAR?I expect to see remortgages dropping away a little more as people continue to take longer term fixes. The EU referendum has also delivered a period of uncertainty.

BESPOKE FINANCIAL

BY PETER MATTHEWSBrightstar Introducer

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INTERVIEW TWONICHOLA JOMOA

WHEN DID YOU START USING BRIGHTSTAR?

I have used Brightstar since 2012, the guys have always been very approachable and open to helping our clients through, in some cases, a stressful process. We like the fact they are an extension of what we do. We introduce Brightstar to our clients as our spe-

cialised team and they offer our clients seamless solutions. These are clients who wouldn’t normally be able to obtain a conventional mortgage but Brightstar are equipped to offer solutions where others fail. In the words of our clients, “you have helped me where no-one else could”.

WHAT MORTGAGES MAKE UP THE MAIN PART OF YOUR BUSINESS?Predominantly we work with first charge lenders, and with a steady amount of buy-to-let, let-to-buy and second charge lending. We also do an amount of commercial and bridging finance which is where we utilise the teams at Brightstar.

IS THERE ANYTHING ELSE THAT YOU USE BRIGHTSTAR FOR?We find Brighstar exceptionally useful for our non-conventional clients who may be looking for a slight income stretch or have minor adverse blemishes, as they often need a lender who has a different approach to the High Street affordability models. What is great about Brightstar is they are able to bridge gaps where conventional lending lets us down. Brightstar’s service allows us to assist clients where others would fail and this enables us to maintain our working relationships with our clients and also our introducers, which is essential to our business.

HOW ARE YOU FINDING THE MARKET NOW COMPARED TO HIS TIME LAST YEAR?The biggest change has been buy-to-let; we are seeing more lenders increasing rental income and further stress-testing adopted by most of the big lenders. This seems to be hitting the City and prime suburbs the most as rental yields are not standing up to the pressure.

DID YOU SEE MUCH CHANGE IN THE RUN UP TO THE CHANGE IN STAMP DUTY AT THE BEGINNING OF APRIL?There was a definite lift with landlords buying before the stamp duty deadline, however, March is generally the time of year we see a seasonal uplift so it wasn’t dramatically different to last year. Interesting was the activity after the change; there was great speculation the market would slow, but this hasn’t really happened. There is ongoing demand and sales are still going though, although predominantly in the residential arena.

HAS THE MCD MADE A DIFFERENCE TO YOUR BUSINESS?Not really. Obviously, we now consider second charge lending a little more which is actually really good for our clients as this offers them impartial awareness of what options they have. As a client-centric business, this is paramount for us. I think everyone expected a huge amount of change but there hasn’t been. Slight adjustments have been made with lenders but as a whole it is not affecting the intermediary.

GLOBAL MORTGAGE MANAGEMENT

NICHOLA JOMOA Brightstar Introducer

INVOICE & ASSETCOMMERCIAL FINANCING

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We were contacted directly by an SME based in the City of London that provides IT solutions and has a turnover of £1.5m per annum. The company had recently started providing mechanical, electrical and plumbing (MEP) services to fit out firms for electrical projects, and was attempting to land a new contract with a major construction company. It was also looking to purchase a new fibre optic kit in order to facilitate the new contract to help improve its overall service offering while allowing them to pitch for other large contracts.

The IT company had only been trading for 18 months which meant it only had a year’s worth of financial information. In light of this, the company decided to approach its bank for an overdraft to facilitate the working capital requirements to fund the debtor gap in advance of receipt of its invoices. These were to be paid in stage payments over a 90 day period. However, on this occasion the bank was not prepared to assist the company due to the stage payment aspect of the invoices and its perceived risk of the sector. As a result, the company was struggling to commit to the new contract.

We were able to work with the client and identified a lender that was able to assist with the company’s ambitious growth plans. The lender, which specialises in working with companies that operate within this sector, was able to provide a facility where it could fund up to 50% of the approved sales ledger balance for each customer, subject to credit rating from the point that the invoice was raised. This is a unique offering in the market and the client was provided with a £500,000 invoice finance facility. Consequently, the client was then able to take on the new contract which increased profitability. The process was completed from start to finish in just one month and enhanced the value of the company, its balance sheet and growth.

BY PAUL DEBNEYCommercial Finance Consultant

Invoice finance is being increasingly used by businesses to help improve cash flow. This type of finance essentially allows businesses to draw money against sales invoices that have previously been raised, also known as ‘debtors’, before the invoice is actually due.

So, why use invoice finance? Invoice finance, which is purely pre- payment against raised invoices, helps companies to grow seamlessly without the need for as much security which is usually required with more traditional bank lines. In addition, unlike banks which will only go to a certain level, invoice finance allows the business to grow against the sales invoices, permitting the business to develop and expand further.In some circumstances, if the conditions of the payments are not met and the lender has already paid out, there is a possibility that they may not get their money back. Therefore, although there are some invoice finance providers who are not keen on lending against stage payments or in the construction sector, many of the providers we work with are happy to pay against stage payment invoices and typically we can find a provider who can assist.

Although there are certain sectors where invoice finance wouldn’t necessarily be appropriate they are minimal and, more often than not, we can find a solution. Invoice finance clearly plays an important role in the continued growth of businesses today and, if your client’s business requires improved cash flow, get in touch to find out how our team of experts can help

Asset finance is a facility that is used by businesses to obtain assets including equipment, machinery and vehicles by purchase which will allow them to grow. Traditionally, people have gone to their banks to get overdrafts and loans, but when the business grows to

a certain level, the overdraft requirement will need to be higher than previously anticipated.

So, why use asset finance? The most common types of asset finance are leasing and hire purchase agreements. Asset finance can often work out cheaper than other bank finance because it is secured by an asset, is generally easy to set up and the credit process tends to be slightly quicker, compared to traditional banking which is secured by personal guarantees.

Asset finance offers bespoke solutions and at Brightstar we work closely with a wide range of specialist lenders which allows us to go out to the whole of the market in order to meet a customer’s needs.

One possible challenge in terms of asset finance is when an asset isn’t new or next to new, and there are often issues with doing asset finance on assets that are over a certain age. However, at Brightstar we look at each case based on its individual merits and can often find a solution in these circumstances.

NO PROPERTY?ASSET FINANCE CAN OFTEN WORK OUT CHEAPER

OBJECTIVE

OBSTACLE

OUTCOME

CALL THE COMMERCIAL FINANCE HELPDESK

T: 01277 500 900 OPTION 4E: COMMERCIAL@BRIGHTSTARHUB.CO.UK

IT SOLUTIONS COMPANYCONTINUES TO GROW THANKS TO BRIGHTSTAR

NATHAN ELLIS - CALCOTTSCOTLAND / THE NORTH

M: 07701 283 041E: nathan@brightstarhub.co.uk

1

CLIVE WILLSONSOUTH EAST / SOUTH WEST

M: 07966 074 195E: clive@brightstarhub.co.uk

4

POSTCODES COVERED: AB, DD, DG, EH, FK, G, IV, KA, KW, KY, ML, PA, PH, TD, BB, BD, BL, CA, CH, CW, DH, DL, DN, FY, HD, HG, HU, H, L, LA, LS, M, NE, OL, PR, S, SK, SR, TS, WA, WN, WF, YO.

CHRIS BENNETTMIDLANDS / WALES /

EAST ANGLIAM: 07701 283 040

E: christopher@brightstarhub.co.uk

2

POSTCODES COVERED: AL, B, BS, CV, DE, DY, GL, HP, HR, LE, LU, LN, MK, NG, NN, OX, PE, SG, ST, TF, WR, WS, WV, CB, IP, NR, CF, LD, LL, NP, SA, SY.

CHRISTINA SMITHLONDON

M: 07885 484 631E: christina@brightstarhub.co.uk

3

POSTCODES COVERED: BR, CM, CO, CR, CT, DA, E, EC, EN, HA, IG, KT, ME, N, NW, RM, SE, SM, SS, SW, TN, TW, UB, W, WC, WD

POSTCODES COVERED: BN, GU, PO, RG, RH, SL, SO, BA, BH, DT, EX, PL, SN, SP, TA, TQ, TR

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