ABC: Brexit is here, deal with it
Brexit is here and lenders need to manage its effect, according to Brian Rubins managing director of Alternative Bridging Corporation.
He added that Brexit had been a wake-up call for consumers and brokers alike.
He said: “Our experience is that the Brexit vote has been a wake-up call to borrowers and their advisers. Remarkably the delays which usually slow down the due diligence and drawdown period have miraculously vanished and loans are being completed in shorter and shorter timescales. Nothing like Brexit to focus the mind!
“If you live in London or the South, the Brexit result was a shock but for those further away from the epi-centre it was only a surprise. Whatever way you describe it, most did not expect it. Shock or surprise, Brexit is here and lenders need to manage its effect.”
Alternative Bridging has just completed two loans during the holiday period within a week of them being introduced. By instructing valuers ready to respond and with the aid of title insurance, the stops were pulled out by everyone concerned.
Rubins added: “A busy afternoon on the last working day of July saw us with four completions ranging from £400,000 to £2.5m involving loans on both commercial and residential properties as well as a development finance facility for the construction of 14 homes. So we have proven the proverb “it’s an ill wind that blows nobody any good.”