Mark Abrahams: Traditional bridges set to become more mainstream

Mark Abrahams: Traditional bridges set to become more mainstream




Bridging & Commercial caught up with Mark Abrahams, joint owner of Mint Bridging Syndicates, to find out his perspective on how bridging has been affected by Brexit so far.

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

I am the joint owner of Mint Bridging Syndicates (MBS) with my partner Andrew Lazare. Based in London, I am largely responsible for procuring private investor funds and enlarging our funding base. I am also close to all the loans we make (from an underwriting perspective) and a key syndicate participant in funding the opportunities that we offer our investors. 

Did you always want to work in finance? 

Yes. My career started in investment banking, firstly with Salomon Brothers (now Citibank) and then JPMorgan as a fixed income trader and team leader (18 years in total). I then moved on to residential property development, commercial property investment and trading before becoming the co-founder and CEO of West One Loans in late 2008.

What impact is Brexit likely to have on the bridging market? 

I think bridging will always have a role to play with or without Brexit. Traditional bridges will become more common and mainstream, as properties take longer to sell. Development volumes are likely to suffer, as GDV numbers are revised down and fewer borrowers are willing to take the plunge. 

What one thing would you change about the bridging industry? 

In such a crowded market, what qualities does a bridging lender need to have to stand out? Integrity, speed and a can-do attitude.

What exciting projects does Mint Bridging Syndicates have this year? 

Numerous, and we’ll announce these over the next few months. The pipeline is very heavy as larger lenders funding lines have been somewhat curtailed, and risk-appetite remains more cautious generally.

What is the biggest challenge for the bridging market this year? 

To ensure that valuers maintain a conservative approach to end values. With liquidity decreasing, comparables are not so easy to evidence and it is imperative that valuers (and lenders) factor in a liquidity premium until the future is more certain.

What is the most interesting deal you have seen at Mint Bridging Syndicates?

Every deal is different and no one deal stands out specifically. They’re all interesting! 

What is your favourite part about the bridging industry? 

The satisfaction that borrowers have been able to access the bridging funding window to execute their ideas. And the knowledge that private investors are earning decent returns with relatively low risk in an environment that offers paltry returns generally – and will likely do so for the foreseeable future.

Who is your idol and why? 

Andrew Lazare. I am not at liberty to disclose the reasons :)

 

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