Why the second charge sector should welcome West One – Walker

by: Steve Walker, managing director of Promise Specialist Lending
  • 12/10/2017
  • 0
Why the second charge sector should welcome West One – Walker
West One has long been a key player in the bridging market and one which is popular with brokers and clients alike so its decision to enter the second charge sector earlier this year was widely welcomed. It has the scale to be a serious contender and is undoubtedly led by an experienced team.

Interestingly then, when the lender made its move some experienced second charge brokers may well have been surprised at its offering. On first glance at the criteria it was difficult to see where it stood out.

The seconds market is a competitive arena at present. Rates have fallen considerably over the last few years so lenders are now having to compete in other areas.

However, as soon as a broker begins the advice and underwriting process it soon becomes clear that the lender does have a USP. Indeed, there are many little areas and niches in which it comes out on top. Having already completed several deals with West One we are finding it is very often the most suitable option.

A lot of credit must go to the West One team and the Marie Grundy at the helm of the department, for not simply competing on rate but for finding gaps in the market which other lenders were not satisfying. Grundy, a familiar face in the second’s market following her time at V Loans, knows how brokers think.

I always tell my staff to be solution orientated, thinking “what are the scenarios which would make this case work” as opposed to “this is why this case can’t work” and it seems to me Grundy works along the same lines.

She and her team have created a solution-orientated offering at West One and this is a huge positive for the market, which will lead to additional lending and serve more customers, rather than focusing mainly on rates.

 

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