Businesses in the short-term lending market should use the current restrictive period to make sure they are in “good shape to help clients and support recovery” once normal activity resumes, the Association of Short Term Lenders (ASTL) has said.
Vic Jannels, CEO of the ASTL, said these were “difficult times” for those in the short-term lending market with obstacles stopping businesses from operating normally.
He said lenders’ inability to carry out activities as usual made them subject to scrutiny.
Since the coronavirus pandemic forced the UK into a lockdown, lenders have made changes to valuation processes with respect to social distancing rules while others have partially or completely withdrawn from the market as uncertainty around funding remains.
“We do not know when this period will end, but we do know that it will end. I expect that there will then be many opportunities for short-term lenders and brokers to help clients rebuild their cashflow and help facilitate recovery for the future,” Jannels said.
The chief executive said it was important for lenders to “demonstrate their commitment” to working in the interests of their customers.
He added: “The ASTL Code of Conduct provides a framework for lenders to do just this – and I would encourage any broker to use this time to become familiar with those lenders that are signed up to the code.
“Similarly, for lenders, there is no better time to review your business priorities and invest in a commitment to the future of the market, and the future of your business.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS