As we fast approach our £200M funds lent milestone, I have been reflecting on our journey so far and indeed how far we have come in a competitive and crowded specialist short term property finance market.
Whilst £200M is a figure to be proud of what is more important is that this has been achieved without any bad debt and success really must be measured against this with all loans successfully repaid.
It’s easy to lend money but it can be hard to get it back. From day one, I have always been mindful of the huge responsibility we have in deploying our principals and stakeholders’ funds and those of our partners and investors who have participated in our secured private debt offering.
Due diligence has been our foundation stone alongside sensible lending parameters and sticking to markets and locations we know well. Alongside this is the strength of our team and the experience and ability they bring, making sensible and commercial decisions and always doing the right thing when situations don’t go to plan. Not making a decision is often the most dangerous and a borrower who digs in and finds solutions is one that deserves our backing.
Our team have never been incentivised by sales targets, instead, they are aligned to PMJ’s principles of sound lending, looking after our funds once deployed and getting repaid with both lender and borrower making a fair return. Our open and honest dialogue and personal service, ensuring that all borrowers work directly with a decision maker, has enabled us to grow on the back of a healthy flow of repeat business and recommendations.
Of course, we cannot always do everything a customer wants. We are not afraid to say no to a deal and indeed there are many occasions when no is in the best interests of both ourselves and the borrower. It’s all about being honest and consistent.
If you get your offering right there is a lot to be said for being consistent, clients know exactly what they expect to receive from us and can get on with a deal knowing they have certainty of funding.
Lending shouldn’t be complicated.