At last night’s AOBP AGM, Chairman Rob Jupp announced that the bridging qualification is set to launch in Q3 next year.

The Annual General Meeting was held this year at the Haymarket Hotel in Central London and included the top lenders, loan distributors and business service providers from around the UK, where attendees heard a brief summary of the Associations activity over the past 12 months. 

In the starting speech, Rob Jupp announced that after working with Jonathan Newman of Brightstone Law, the AOBP is “pretty much there” with the bridging finance qualification that was initiated following discussions at the last ASTL event. Rob revealed to the broker audience that the qualification is set to be launched in Q3 of next year. 

Next, a lender panel Q&A session saw Alan Cleary of Precise Mortgages, Christian Faes of LendInvest, Alan Margolis of United Trust Bank, James Bloom of Regentsmead and Andrew Bloom of Masthaven discuss a variety of subjects. 

When asked what the panel members thought of the market today for new entrants of small lenders, some argued that at the moment it could be fine, but further down the line, there could be problems.

Alan Cleary of Precise Mortgages stated that new lenders coming into the market have missed the boat, adding: “Any new lenders coming in today are probably actually going straight into a problem.”

James Bloom of Regentsmead thinks that the market is generally overheated already, and stated that new lenders coming into the market today would be ok, but in the next 9-12 months, “probably not ok”.

Andrew Bloom of Masthaven Bridging Finance stated that some of the lenders coming into the market will fail or succeed, depending on the quality of what they are lending against. 

Later on, when asked what the lender panel thought of the possibility of lenders offering 85 per cent rates on purchase price in the next 12 months, responses were varied.

Andrew Bloom of Masthaven stated that the most important thing is to look at the story and the exit. "Why not lend them 95 per cent if the exit is strong?" he queried.

Christian Faes of LendInvest believed that, although he would not be rushing in to an 85 per cent loan, people shouldn't underestimate the weight of the money coming in to the sector.

Alan Cleary of Precise Mortgages said that he would not see people making a loan of this scale in the next 12 months in a bridging deal, but he might consider on a regulated loan.

"You'd be underwater with an 85 per cent loan," Alan followed. "There has to be an emotional connection as well as a financial one - there is no such thing as a guaranteed exit."

James Bloom of Regentsmead believed that an 85 per cent loan was "crazy but highly likely". 

"I don't think 85 per cent should be lent, but someone will do it due to oversupply of liquidity in the market."

The AGM also saw presentations from Joshua Elash, Director of MTF, with a round-up of bridging lending, a presentation on social media for business by Andrew Montlake, Director of Coreco Group and a branding speech from Daniel Rhodes, Daniel Rhodes & Associates. 

The AGM proved popular with attendees as the tweets came in thanking the work done by AOBP.

Dan Rhodes ‏@rhodesdan: Great event, great venue @AOBP_ AGM @robjupp @jnewman6899 @jamesbloom12 

Regentsmead ‏@Regentsmead: Regentsmead CE @jamesbloom12 on today's @AOBP_ AGM lender panel - expecting some tough questions #aobpagm