Yasin Patel and Shoaib Bux launch new bridging lender

Yasin Patel (pictured above) and Shoaib Bux have revealed the launch of their new bridging lender, Autarky Capital, with an aim to lend north of £100m by the end of next year.

In September, the duo announced that they were leaving Arbuthnot Specialist Finance, where they were managing directors since 2018. 

Before that, they had been divisional directors at Amicus Property Finance and, in 2007, the pair co-founded Mayfair Bridging, which was then acquired by Amicus Finance PLC in 2014

Preston-based Autarky Capital — a name which means self-sufficient — will be providing bridging loans, light and heavy refurb finance, and ground-up development facilities.

The business will be lending its own money, in addition to various funds that give it the flexibility to look at deals in different ways. 

It is also set to bring in technology to streamline the client journey from the get-go, and will not require an application form.

“Whatever format brokers send a deal to us in, we can put it into our system. It’s about making the broker and client’s life easy,” said Yasin.

In addition, the lender will be introducing ID verifications and building a secure communications app for its brokers and borrowers. 

When asked why they decided to create a new lender, Yasin explained that the Covid-19 crisis gave them both a different outlook on life, and they decided they wanted to go back to their roots by running their own bridging business again.

“We left because we wanted a lifestyle change,” said Yasin. 

Since their days at Mayfair Bridging, the pair stated that they have learnt a lot, and will be using their previous experience — and new ways of working as a result of the pandemic — as the building blocks of their latest venture. 

“When we were Mayfair Bridging, we were based in Preston, and our biggest hurdle at that time when we were growing to become a much larger lender was staff,” shares Yasin.

“It was difficult to get staff in Preston that understood the bridging and the finance side of things, so we moved to Manchester for that reason.”

“But now with homeworking and the flexibility, you don't need to be in Manchester.”

Consequently, Yasin and Shoaib wants the team it recruits to benefit from a good work-life balance.

“If the employees are happier, we're going to get more productivity” adds Yasin.

“Now, we can have staff who are London- or Birmingham-based, for example. It doesn't matter where you are. 

“It gives us the opportunity to start with a blank piece of paper and ask, ‘What do we really want?’”

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