Name: Steve Brennan
Title: Director of Property Lending
Time at Borro: 1 month
How long have you been in the bridging industry?
I started with Credit & Mercantile PLC one of the original Bridging Loan Lenders in January 2004.
How has it changed since you started?
When I started out Bridging Lending was considered to be a marginal step up from being a Loan Shark!
In these days all the Banks were lending and typically at an annual rate of circa 6% as opposed to Bridging which was in the order of 16%.
There has been a marked step up in the quality of lenders in Bridging & with the 2008 crash Bridging has now become an important source of funding.
What do you immediately look for when you see a case for the first time?
Location, Broker, LTV & Loan size. (Not necessarily in this order)
What are some of the stranger deals you have ever been presented with?
An airport hangar in Essex. A floating sea defence in the Solent. An operational brothel.
Where do you see the market heading in the next 12 months?
We have seen exceptional growth in the property market over the last 6 years and with MCD, BREXIT, New BTL legislation & general terrorism scare mongering from The USA I think cautious optimsm for continued growth. We are already seeing selling prices in Central London achieving 20% below asking price.
Most embarrassing moment at work?
After 36 years……….too many to divulge!
If you could live anywhere in the world other than the UK where would it be?
If I didn’t have kids…………..South Africa
If you could splurge on one item, what would it be?
A classic E-Type Jaguar
TV Show – Made In Chelsea
Film – Saturday Night Fever
Band – Queen