London Credit joins The Association of Short Term Lenders

London Credit, a provider of business-purpose bridging loans, has joined The Association of Short Term Lenders (ASTL) as a new member.

London Credit, formerly Consulco Finance, was established in 2010 and has offices in north and central London. A member of the Consulco Group, London Credit is a London-based lender that provides bridging finance loans to British and overseas-based borrowers and business owners.

Marios Hajiroussos, Director of London Credit comments: “Being part of a group of like-minded businesses which strive to set and follow good practices in the bridge lending market is very important. We have been in this industry for over 7 years and have experienced its evolution which carried both challenges and opportunities. This will enable us to substantially contribute to ASTL’s operations in voicing the issues that the market is facing. Our team at London Credit are excited to be joining the ASTL and look forward to a fruitful membership.”

Benson Hersch, Chief Executive of the ASTL added: “London Credit are the third business to join the ASTL in recent weeks and their wealth of knowledge and experience in the bridging finance sector is an asset that will strengthen our growing membership. We are delighted to welcome them to the ASTL.”

Press Release: Monday, 10^th December 2018

Debt - the elephant in the room

At the time of writing, a Brexit solution that will satisfy the majority, if not all, of stakeholders seems as far away as ever. Both in the recent Budget and the November Bank of England inflation report, conclusions are heavily edged with caveats about Brexit, with both assuming a smooth exit from the EU. We were warned that, if necessary, a new Budget may have to be announced if this assumption proves incorrect.

No doubt both HM Treasury and the Bank of England, whilst presenting a positive and benign economic outlook are like ducks sailing on calmly whilst at the same time paddling furiously under the water. One certainly hopes that this is the case. Now, more than ever in recent times, data may reinterpret the past, but the past does not necessarily give an indication of what the future holds.

What I find worrying is that past promises of balanced budgets have gone by the by, and both national and consumer debt continues to grow. Consumption growth has slowed to a lesser degree than that of incomes, with a corresponding decline in household’s rate of saving. Interest rates on deposits have not kept pace with increases in rates on debt, which is also a disincentive to save, as is rumours of changes to pension rules. Despite a moderate increase in the bank rate to 0.75%, it is expected to remain below 1.5% for the next three years. This does not give much scope for relaxation should that be necessary to stimulate the economy.

The country’s total debt is projected to reach £6.7 trillion by 2023, with households accounting for £2.6 trillion of that, a larger share than both the government and non-financial companies, according to recent analysis by PWC ¹. It compares with £5.1 trillion of total debt last year, when household debt stood at £1.9 trillion. The country needs to be aware of the risks and plan to reduce these costs. Debt is the elephant in the room and it needs to be managed, to minimise the risk of yet another crash. Indiscriminate debt increases are unhelpful, to say the least, but responsible lending can facilitate long-term growth.

UK consumers are confident, but this confidence has an element of nationalist bravado in it. Unless our institutions plan for a difficult future, this confidence will evaporate.

Firms need to invest in people, to ensure that the skills shortage is reduced and productivity increases. They also need to invest in technology, so that skilled people have reliable data to work with and also that information-gathering needs to be improved. This applies as much in the mortgage industry as elsewhere. Skilled people, both at lenders and intermediaries, can assess data better and apply conclusions both to the benefit of their firms and to the consumer, to ensure that better outcomes are available for all.

Benson Hersch, CEO of the ASTL

A version of this article appeared in the November edition of Mortgage Solutions (web)

Tuscan Capital joins The Association of Short Term Lenders

Tuscan Capital, a provider of short-term bridging finance, has joined The Association of Short Term Lenders (ASTL) as a new member.

Launched in 2018, Tuscan Capital is a new provider of short-term bridging finance based in Mayfair, London. The team comprises industry-wide known property lending experts with a collective experience of over 130 years and a guiding business principle to combine traditional lending values with innovative commercial thinking.

Colin Sanders, Chief Executive Officer, Tuscan Capital comments: “Over recent years, the ASTL has made itself an indispensable feature of the bridging landscape. In addition to helping forge a strong collective identity for the sector, it has played a pivotal part in raising standards while providing a robust lobbying voice for members. I and the whole Tuscan team look forward to reacquainting ourselves with Benson and Kay and to playing a full and active role within the association.”

Benson Hersch, Chief Executive of the ASTL added: “Tuscan Capital are a new provider of short-term bridging finance but have years of experience within the team, with a deep understanding of the intricacies of the short-term lending market. They are a strong addition to our growing membership at the ASTL and we look forward to working together.”

Press Release: Monday, 3^rd December 2018

Sanderson Weatherall LLP joins The Association of Short Term Lenders

Sanderson Weatherall LLP, a well-established firm of Chartered Surveyors and property consultants, has become the latest professional organisation to become an associate member of the Association of Short Term Lenders (ASTL).

Sanderson Weatherall LLP are a privately-owned property firm that offer integrated advice for owners, occupiers, financial institutions, investors and developers of UK property.

With over 220 individuals working across offices in Birmingham, Bristol, Exeter, Leeds, London, Manchester, Newcastle, Teesside and York, they are experts in the local property markets.

Daniel Hardy, Head of Corporate Recovery at Sanderson Weatherall comments: “Sanderson Weatherall LLP already acts on behalf of a significant number of ASTL’s full members. It seemed a logical and natural progression that we should become an associate member of ASTL.

In addition to providing valuation advice to a significant number of ASTL members, we have a very well-established corporate recovery specialism which provides a bespoke service on a national basis to secured lenders in dealing with repossession or eviction, sale as mortgagee, assisted sale, receivership and advisory scenarios.”

Benson Hersch, Chief Executive of the ASTL added: “The growing diversity of the ASTL’s membership allows us to promote and protect the interests of our members while making sure the highest standards are achieved. Sanderson Weatherall LLP abides by the same values that the ASTL operates by and their practical approach, vast experience and depth of knowledge will prove to be a real asset to our members.”

Press release, Tuesday 27 November 2018