FSE Glasgow: Brokers need to embrace development opportunities
The first time development sector offers the potential for strong business growth for brokers, according to Masthaven head of sales Neil Molyneux.
Speaking to intermediaries at the Financial Services Expo in Scotland Molyneux said small scale development projects and downsizing of properties offered strong growth opportunities for brokers and lenders alike.
He said: “Brokers should definitely be looking at development. It isn’t all big, huge projects and can often be people wanting to build their dream retirement home or an investment property.
“Banks don’t want to touch these first time developers but if it all stacks up and you can see how it will work it represents good business. There is a huge amount of growth in that space at the moment.”
He also pointed to downsizing as a part of the market where bridging finance could help provide a solution to borrowers needss.
He said: “Older people downsizing often buy before selling their property which provides a good opportunity for bridging. Bridging into a smaller property provides another strong growth opportunity for brokers.”
FSE Glasgow is taking place at the Hilton, William Street Glasgow until 5pm today.