10 Questions with... Christian Faes of Montello
He's given up life on the Gold Coast to work in dreary London, but still wishes he could sleep less.
Katie-Jill Rowland speaks to Christian Faes, Managing Director of Montello Bridging Finance
1. How long have you been at Montello?
I started up the business in the UK two and a half years ago with Ian Sutherland and Ian Thomas. Ian (Sutherland) and I were friends from when we used to work as lawyers at the same law firm in the City (over 10 years ago).
B&C: Oh you’re Australian!... that explains the accent. Where in Australia are you from?
The Gold Coast, just South of Brisbane.
B&C: And do you miss it?
Well, not that much. I definitely miss the weather though... and the beach!
2. What made you decide to decide to go from law to bridging?
I was a partner of a law firm in Australia, and I had number of wealthy clients that were active bridging lenders. I then started acting for a number of bridging finance companies (draft the loan docs and acting on enforcements etc). After learning more about the industry, I realised that there was a lot of demand for this type of finance, so I sold out of my law firm partnership, quit the law and set up a bridging finance company. I later decided that there were even greater possibilities in the UK, so Ian and I set up Montello.
3.What did you want to be when you were a kid?
I think I wanted to be a solicitor from quite an early age.
B&C: Why?
It looked good on TV. Too much Law & Order.
4.What is the best thing about your job?
This is a very interesting market to be working in, especially in current times where credit is so constrained. Every day is different and brings a new set of challenges. There will always be a need for bridging finance, but particularly at the moment it is very much a current market situation play.
B&C: and the worst?
Because of the nature of our business we need to act quickly to get deals completed, so the hours are long and the pace is very fast. However, that can be both challenging and exciting.
5.What would you be doing if you weren’t working at Montello?
I’d be running a hedge fund or pursuing a career in politics.
6.What is your favourite TV show?
I like Entourage and Californication.
7.What would you put in room 101 if you had the chance?
Tube workers that go on strike.
8.If you could have a super power for one day, what would it be?
The ability to not have to sleep.
B&C: And what would you do when you with all that extra time and energy?
I’d keep on doing what I’m doing now, but more of it.
9.What is your favourite book and film?
My favourite book is ‘Barbarians at the gate: The fall of RJR Nabisco’, and my favourite film is ‘Any given Sunday’.
B&C: I’m a little bit embarrassed because I haven’t actually heard of either of those.
Well you’re missing out, they’re absolutely fantastic.
10. What do you expect to happen in the bridging finance industry over the next 12 months?
I think that over the next 12 months we will see more of the same issues and trends that are already apparent in the market. It’s a relatively crowded market but probably only a small handful of the players are doing a good job; most are struggling to differentiate themselves. I think this situation will get better by the end of the year as companies will be forced to differentiate if they want to survive.
I also see bridging becoming more mainstream in the future. It has been quite a niche market but I think a larger proportion of individuals and businesses are now realising that bridging is often a necessary part of mortgage finance.
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