In an exclusive interview with Bridging & Commercial, Brian Bartaby, CEO and founder of the P2P lender, revealed that it wanted to have a new BDM to cover the North and the Midlands as well as one for Wales and the South West.
Brian stated that these regional appointments coincided with the growth of its loan book, which it hopes to double this year.
“It's just getting to the point that the loan book is of a size that in order to make best use of the guys we've got in London, we don't want them travelling up to Newcastle to go and see a potential transaction.
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“We want to be more able to respond to potential borrowers quicker, and obviously tap into the local knowledge that a regional BDM will have…
“Rather than us having to go and constantly research that from down here … when [they] go and meet the borrower, they've got a better understanding of the transaction, a better understanding of locality, what occupancy levels [are] like, what’s the [price] for a square foot in that area.”
Proplend’s loan book is now around £43m and it has provided just under £10m so far in 2019.
Brian stated that this wouldn’t be “growth for growth’s sake”, but instead growth in a steady and consistent manner.
“We've got a four- or five-year track record of consistent returns and [are] now looking to try to leverage that.
“We've got our processes all sorted out and [are] looking to try to leverage that to grow the book.”