What does your role consist of and what roles/experience have you had in the past?

I joined LendInvest at the end of last year to lead the launch of our dedicated development finance product into the marketplace.

Before that I had a 26-year career at Royal Bank of Scotland. At RBS I took on roles covering all aspects of the residential development cycle, including origination, restructuring, underwriting and asset management.

Did you always want to work in finance?

I have always had a head for numbers, so working in the financial industry is a good fit. My dad was a property developer too, so I have a long-standing interest in that area of the property market.

Why did you decide to join LendInvest?

With RBS I was at a large corporate institution for a very long time, so the opportunity to join a fast-growing, innovative lender and effectively launch and lead the new development finance product was too good an opportunity to turn down.

I have been really impressed by the management team and how they are trying to change the landscape of property finance. Their outlook on the business is invigorating in this climate.

What one thing would you change about the development finance industry?

I’d like to see planning laws be more favourable towards the small- to mid-sized developer. 

As things stand, they can be seen to be stacked against the smaller developer in terms of the provision of affordable housing. Larger developers and housebuilders have the ability to negotiate a payment in lieu of housing units to local councils in order to avoid a specified number of affordable homes. That isn’t really an option for the smaller developer.

Why have more lenders launched into development finance? 

More lenders have moved into the £1m to £10m space, because it’s no longer cost effective for high-street lenders to manage and provide that level of finance anymore.  That’s the legacy of the credit crunch, where the largest lenders are now restricted from making the quick decisions which developers need.

As a result, there is a clear gap in the market, and that’s what these various lenders are trying to address.

What exciting projects does LendInvest have this year?  

We are always looking to evolve our development finance proposition. We want to be as competitive as possible, which is why earlier this month we removed the exit fees on development finance deals. That move has immediately generated a lot of momentum.

We have big plans for growing the team as we become a name that’s immediately associated with development finance. We are looking to recruit new team members now to assist with the flow of deals that we are now seeing, and also enhance our capacity to originate more transactions. 

What is the biggest challenge for the development finance market this year? 

Site availability is one. As construction costs continue to rise and [there’s a] lack of available sites, the value goes up and starts to erode developer margins. Good-quality deals with acceptable margins become more difficult.

Explain the most interesting deal you have seen at LendInvest: 

That would have to be a 23-unit residential development project in Nottingham city centre. It was developed by Crosslane, and is the largest office-to-residential development in Nottingham city centre in many years.

It’s exciting to see the strength of regional residential markets; London gets a lot of attention, understandably, but there is plenty of demand from developers outside the capital.

What is your favourite part about the development finance industry? 

I really enjoy going out on site. You get to understand what the developer is planning to do, meet and chat with the developers, and then see those projects being built and come to life. That’s hugely enjoyable and really very satisfying.

Who is your idol and why?

My dad. He was a property developer himself and went through the really tough times of the early ‘80s recession. He had to close down his business, almost lost everything and had to start all over again. He set an excellent example to me of how to carry on and keep going when things aren’t so rosy, how you continue to work and manage through adversity.