News & Views

Fincorp at Clive Emson Auction

Fincorp, one of the UK's most respected and established bridging finance lenders will have a presence at this month's Clive Emson Auction. Barry Scott, Business Development Manager at Fincorp will be on-hand throughout the auction to provide advice and support to buyers looking for short-term finance to facilitate their property purchases.
The Clive Emson auction, one of the largest land and property auctions throughout Kent and the South of England, is being held on the 20th February at The Clive Emson Conference Centre, Kent County Showground, Maidstone, Kent. February's auction has 106 lots.

Fincorp appoints new Business Development Manager

Fincorp, one of the UK's most successful and well-established bridging loan providers, has appointed a new Business Development Manager to drive growth of its expanding brokerage business.
Barry Scott has over 20 years' experience in the financial services sector, working as a mortgage broker, financial advisor and, most recently, as Business Development Manager for Deutsche Bank and Royal London.
In his new role he will be responsible for developing Fincorp's growing client base of mortgage brokers, IFAs and accountants, and advising them on the opportunities bridging finance can offer them and their clients.
"In the current climate, increasing numbers of mortgage brokers are looking to secure fast, easy access to short-term bridging funds on behalf of their clients" says Barry. "My job is to help them understand when and where bridging finance is a sensible option, and how it can add a useful income stream to their business."
Founded in 1988, Principal Lender Fincorp concentrates its lending activities in London and the South East where it has developed a reputation for delivering fast-track, hassle free bridging finance for residential property purchases and auction funding.
Commenting on Barry Scott's appointment, Founding Partner Ronnie Natas said: "I'm delighted to welcome Barry to Fincorp. As a small team of highly experienced finance and property professionals we pride ourselves on delivering a personal, individualised service to our many loyal clients. Barry's experience will allow us to expand this service offering to mortgage brokers and IFAs who wish to take advantage of our considerable resources."

Interview with Matthew Anderson

The buy-to-let market is booming again but what's the real reason behind the resurgence and how long will it last? Fincorp director Matthew Anderson shares his thoughts.
Buy-to-let is making a comeback, is that solely because would-be buyers can't get on to the property ladder or is it more than that?
It's a number of things. Recently the National Housing Federation has released data confirming that not only are first-time buyers continuing to struggle to buy but even their parents are finding it difficult to help. We're moving towards having a generation of renters. But it's also because there is a greater availability of buy-to-let products and with interest rates still so low the returns on buy-to-let are very attractive. It's a combination of all these things.
Lots of reports are claiming the UK is moving towards having a renting culture like much of Europe. Will this generation get used to renting?
I think they will. Until recently first-time buyers were being helped by the Bank of Mum and Dad but they're finding it difficult now. It's difficult to release enough equity in their homes and the amount of deposit required by lenders means even the Bank of Mum and Dad angle is prohibited, especially if you have three or four children - how can you find enough to help all of them with their deposits? It's a difficult time.
How can bridging help?
A lot of buy-to-let lenders will lend against purchase price regardless of value. Landlords can buy at market value, hold on to it for a while then refinance it. That's where bridging can help.
Is it dangerous to use bridging to purchase a buy-to-let property in this climate?
Professional landlords will have their exit strategy lined up. Not many say "I'll get it refinanced but I don't know where from yet". People are much more aware. It's important to differentiate between professional landlords and those people who just think property is a good idea. Landlords have a track record. It's not just about finance now, you have to prove you know what you're doing. I know that from my own experience as a landlord. You need to show what agents you use, show you're income, show how long you've been doing it. In the past people though it was easy to make money from buy-to-let, they assumed a rental property will always be rented but that's not always the case.
How much of your business is for buy-to-let?
I'd say 10 to 20% enquires, a year ago that was 0%.
When will the buy-to-let boom end?
It will end when mortgage lenders are happy to provide more residential mortgages with smaller deposits. There's never a really strong buy-to-let market at the same time as a really strong residential market. It's one or the other.