An industry body is teaming up with a group of experts to help interested parties discover more about development finance and how to use bridging when funding property deals.
Bridging Finance Solutions (BFS) is poised to launch its first Development Finance Day in association with the NACFB and has extended an open invite to "colleagues and associates of the business, old and new" to attend the event.
Keith Litherland, the company's business development manager, has revealed that the inaugural function is being held on January 29 at Wigan's Ashton-in-Makerfield Golf Club with the intention to give people a keener insight into development finance. This includes how to manage their first deal and improve their wider knowledge of the process, whilst also giving access to specialists in the market for the more experienced developers.
Mr Litherland is delighted that more than 100 delegates have already signed up to the event and says that interest is gathering increasing momentum. He added: "We’ve been incredibly pleased by the level of interest this event has attracted. People are undoubtedly interested in learning more about development finance and how to use bridging when funding this type of property deal."
He and his BFS colleague says that they hope the day will provide an educational experience, helping delegates understand the market and bridging process, presenting the viewpoint of the underwriter, valuer, quantity surveyor and solicitor with the aim being "for this to provide added insight into the specialist requirements of the professional team involved with an opportunity to ask questions".
He continued: "At Bridging Finance Solutions, we are seeing an increase in demand for development finance and in particular those smaller developments with properties typically ranging in value from £100,000 to £750,000.
"Many traditional development lenders have no appetite for these deals which they consider too small. In contrast, BFS view this client group as a core target market and aim to help both new and experienced developers to look at a deal with fresh eyes considering how bridging can be incorporated to simplify and streamline the process."
"Working with the NACFB and their members creates an opportunity to earn CPD points as the event is classed as an educational experience. We want to encourage more brokers to increase their use of bridging and development finance, integrating this approach into their everyday lending solutions."
Mr Litherland joined BFS in April of last year and at the time, John Hardman, head of sales, said: "Having Keith on board is a definite coup. He is well known in our industry and has developed a reputation for diligence, in addition to taking a commercial approach to deals with a can-do attitude.
"His in-depth knowledge of this market, particularly across the Midlands, will be invaluable to him in terms of this new role which will ultimately support our own ambitious growth plans."