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Know Your BDM: Richard King, Mint Bridging

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  • 13/10/2016
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Know Your BDM: Richard King, Mint Bridging
This week Richard King of Mint Bridging steps into Specialist Lending Solutions' Know Your BDM hot seat to talk about his approach to broker relationship management and the importance of building up trust.

How many advisers and broker firms do you cover in your role?

I deal with around 200 individual brokers regularly, and plenty more on an ad-hoc basis. The conversion rate in bridging is much lower than with mortgages, so it’s important we maintain relationships across a wider spread of brokers, throughout the country. We lend throughout England and Wales, not just in the South East, and can help with a wide range of enquiries.

How do you successfully organise and deal with business on a daily basis?

Each case really is different and I always speak to the introducing broker, so that I can fully understand the nuances of the proposal. This way, we can structure a deal that will work for the borrower. Once a client has accepted terms, Mint Bridging’s underwriting team oversee the loan through to completion.

What issues come up time and time again?
In the client’s eyes, the valuer is undervaluing their prized asset. But, for anyone involved with lending, this has been, and always will be the case.

What do you wish brokers understood about your job?

Brokers and bridging lender BDMs actually understand each other’s jobs to a decent extent, and the work required by Mint’s team to get a loan completed. They know that at Mint our motto is ‘We’d rather have a bad day than a bad loan’ so we absolutely don’t say yes to every opportunity. Brokers are aware of this, so I wouldn’t say there was a disconnected lack of understanding of the process or expectations.

What do you think is the most important attribute in a good BDM?

Always, always, always get back to brokers, even if the answer isn’t going to work in the client’s favour.
It is vital to fully explain the rationale behind any lending decisions, and to be honest and upfront in all of our dealings and communication. Brokers always appreciate a timely response and the reasons as to our decision. That’s so much more important than just saying yes, no, or not responding.

When you’re unavailable to contact via telephone, what’s the second-best way for brokers to get in touch?

Well, it’s always nice to get an unexpected gift through the post…but email, and texts works for me. They can also tweet our @mintbridging account, through the website or our Facebook page.

If you were head of the FCA for the day, what would you change about regulation in the mortgage industry?

I would try and simplify it, but suspect that one day won’t be enough to achieve this!

What was your motivation for choosing business development as a career?
Like a lot of BDMs, I fell into it, but I’m a people person and really enjoy the sheer variety the job brings. There’s a huge sense of satisfaction and pat-on-the-back feeling when a deal closes, and that’s what drives me.

How do you establish and maintain a good relationship with brokers?

To begin with, you have to back up your promises with positive actions. All BDMs are good at talking, but not everyone delivers effectively or hits deadlines. Fundamentally though, relationships are based on trust, and trust is built up over time as you prove that you can be counted on. Mint’s BDM team have great relationships with brokers as we’re organised, respond on time and go the extra mile.

And how do you establish and maintain good relationships internally?

I’m fortunate in that I spend at least half of my time in the office, so can sit down with my colleagues face to face to discuss any issues. At Mint we have a flat management structure and easy access to key decision makers. Brokers can be assured that Mint BDMs aren’t promising things the firm can’t deliver on as we have in-house funds and don’t rely on third party finance. This is important as our decisions aren’t determined by outsider’s disposal that could result in delayed responses.

What’s the strangest question you’ve ever been asked?
I was once asked if we could finance a zoo. At Mint we pride ourselves on a flexible approach, but to excuse the pun, it was a bridge too far.

And finally, what did you want to be growing up?
Well it certainly wasn’t to be the Richard “King” of Bridging! At one stage I harboured ambitions to be a chef, but my abilities in the kitchen and dislike of working evenings pretty much brought that idea to a standstill. I didn’t expect to have a career in bridging as a BDM but I’m passionate about my job, and delighted to be a key part of the Mint Business.

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