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June 26, 2020

New commercial director to lead asset finance business

Following Patrick Jelly’s decision to leave Aldermore, the Bank has decided to combine his current role (commercial director, asset finance sales) with the commercial director wholesale finance role and create a new position of commercial director, asset finance. Aldermore is pleased to announce that Lee Rhodes (currently commercial director, wholesale finance) will be appointed to this new position from the beginning of July.

Lee has been with Aldermore for over six years. He has an extensive background in asset finance and in recent years has grown our wholesale business from scratch. Prior to joining Aldermore, Lee held roles with Investec, ING Leasing and Kleinwort Benson.

Patrick will leave Aldermore in September for a new opportunity. He’s been with the Bank for over three years, playing an instrumental role in building and leading the asset finance broker business which we have today.

Tim Boag, group managing director, business finance at Aldermore, said: “With our emphasis on developing deeper and more strategic intermediary relationships, and with both the broker and wholesale businesses operating in the same markets, it makes sense for us to unite our activities in this area. I would like to congratulate Lee on his appointment and look forward to continuing our asset finance success story.”

June 25, 2020

NatWest launches new open banking payments service

NatWest has today announced the launch of a new online payment service, Payit by NatWest, which allows customers to make instant online payments to participating retailers, without the use of a debit or credit card – resulting in a fast, fair, simple and safe payment experience.

Payit uses the Open Banking infrastructure to allow customers of UK banks to pay for products and services offered by retailers who use the service, which is targeted at mid to large corporate companies.

Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data, and NatWest’s use of the technology means it’s the first major UK bank to utilise open banking to facilitate payments in this way. In the coming weeks, Payit will also be introducing capability to allow merchants to process refunds.

With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to take advantage and can use the service by selecting the Payit button on the merchant’s payment page and then selecting the bank they wish to pay from. The consumer is then automatically redirected to their bank’s mobile or online banking to complete the payment.

Developed in partnership with Pollinate, built by Endava, and in pilot since 2018, Payit has won a host of accolades including Retail Banker International’s ‘Best Customer Facing Technology of the Year’ award, the Celent Model Bank Innovation Frontier Award and the Best Open Banking initiative at the 2019 Financial Innovation Awards.

Payit has also been named as a supplier to the Crown Commercial Service’s (CCS) Payment Acceptance framework, meaning it is now available to UK government and the wider public sector. CCS supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2018/19, CCS helped the public sector to achieve commercial benefits worth £945m.

Accountancy software provider FreeAgent, will also offer Payit on its online and mobile platforms imminently, allowing customers to make instant payments from any bank or building society.

Paul Thwaite, CEO, Commercial Banking at NatWest said: ‘As the largest supporter of UK businesses, we are thrilled to launch Payit by NatWest, allowing mid to larger businesses with an online presence to accept payments directly from their customers’ bank accounts in near real time, providing them with an effortless and safe payment experience.

We are especially pleased to have used Open Banking technology to achieve this, allowing customers of the UK’s main banks to use this new payment option. Payit joins our growing portfolio of digital innovations for businesses, showing NatWest’s commitment to helping them thrive and achieve their potential.’

June 24, 2020

LendInvest introduces limited edition ‘Summer Specials’ buy-to-let product offers up to 75% LTV

LendInvest, the UK’s leading platform for property finance, has introduced a range of updates to its buy-to-let product including a series of special offers available for a limited time.

LendInvest is offering its two year fixed 75% LTV product at a rate of 3.49%, with a maximum loan size of £750,000.

The offer extends to the lender’s five year fixed mortgages, with its 70% LTV product available at a rate of 3.69% and 75% LTV product available at 3.59%, or 3.69% with a 4% ICR.

The lender has reintroduced its 75% LTV products for standard HMO cases up to six bedrooms, with rates available across two and five year fixed products.

The minimum property value for HMO cases has been reduced, now starting at £250,000 for Greater London and £100,000 for the rest of the country. Large HMOs and MUFB cases with properties up to 10 bedrooms are now also being accepted.

Andy Virgo, director for buy-to-let at LendInvest, said: “At this time two of the most important things a lender can do is; observe the market and listen to your customers. Doing this ensures you are not only delivering the products they need, but products that are right for them – this is something we continuously strive for at LendInvest.

“As we all settle into the new normal, portfolio landlords are increasingly seeking leverage to aid the growth of their BTL portfolios. These product changes are key to supporting them, and allowing them access to the funding they require.”

June 24, 2020

Michael Imeson appointed chairman of CISI Fintech Professional Forum Committee

Michael Imeson

The Chartered Institute for Securities & Investment (CISI) is delighted to announce that Michael Imeson, Chartered MCSI has been appointed chairman of the CISI Fintech Professional Forum Committee.

Michael Imeson is a contributing editor of The Banker magazine, part of the Financial Times Group, and a senior content editor at FT Live, the FT’s conference division. He also owns Financial & Business Publications, an editorial services agency providing services to banks and other organisations. Before setting up the agency he was a news reporter for The Times and Sunday Times in London.

He is an advisory board member of the European Risk Management Council; a member of the Institute of Internal Communication (MIIC); and an alumni mentor for the London School of Economics. He has written and edited several books including Dangers in E-Banking, The Future of the Building Society Movement, and Finance for Growth.

He studied at the London School of Economics for an MPhil in government and at the University of Bradford for a BSc in history and literature.

On his appointment, Michael said: “It’s an honour to take on the lead role in the CISI’s FinTech Professional Forum Committee. The Committee runs several events a year covering a diverse and exciting range of topics relevant for CISI members interested in financial technology. Since the coronavirus pandemic lockdown these have become virtual events – live webinars – and I must say they’re proving very successful, not least due to the excellent capabilities of the CISI’s events management staff with whom we work closely.

“I first become involved with the Institute in early 2015 when I moderated a lunch-time event on cyber security, and soon after that I joined the Institute as a member. I joined the Fintech Committee in 2016, became deputy chairman in mid-2018 and now I am chairman. I would like to thank Martin Watkins, the previous committee chairman, for his invaluable work in that position.

“I am also involved in some of the Institute’s other activities. For example, I am a reviewer of the Managing Cyber Security qualification workbook, and an occasional contributor to the Institute’s online magazine The Review.

“The CISI operates to the highest standards. Being a member has certainly helped improve my professionalism as a journalist, corporate copy-writer, events organiser and moderator.”

Richard Bennett, CISI head of membership said: “I would like to thank outgoing chairman Martin Watkins for his leadership and guidance over the past two years. We look forward to working with Michael to help shape forthcoming virtual Fintech Professional Forum discussions and webinars to ensure members are up-to-date on themes and ideas emerging in this fast-moving sector.”

The CISI has 11 Professional Forums, these are: bond, compliance, corporate finance, financial planning, fintech International regulation, operations, risk, wealth management, paraplanner, and training, Competence and ulture.

CISI members can join one, or all, of the 11 free Professional Forums. The events are conducted under the Chatham House Rule and provide the opportunity to network with like-minded professionals, listen to presentations from practitioners in the professional sector, engage in open discussion and share ideas and concerns in a confidential setting.

June 12, 2020

Barclays launches Back to Business toolkit for UK SMEs

Barclays has today launched a toolkit to help small and medium sized enterprises (SMEs) across the UK get back on their feet as they navigate the uncertainty created by coronavirus.

The ‘Barclays Back to Business’ programme has been designed in partnership with the Cambridge Judge Business School and is open to all UK SMEs, in addition to the bank’s one million small business customers.

With nearly two thirds of businesses (65%) reporting that they will change their business practises in response to coronavirus, the bank hopes that the programme will provide SMEs with the support they need to adapt.

The toolkit has been piloted with one hundred businesses from different sectors over the last few weeks ahead of a full trial launch on 22 June, with everyone from farmers to hairdressers trialling the programme.

The kit is designed to help business owners assess the overall health of their enterprise, and create a tailored resilience plan for challenging periods. It is packed with practical tools including a working capital calculator, cash flow forecasts, and guidance on managing supply chain relationships.

Andy Moss, CEO of Cube International Ltd, an events company based in Worcestershire, said: “Covid-19 has had a big impact on our industry, which is predominantly sporting events and music. Trialling the Back to Business toolkit has been very enlightening – it has not only refreshed my memory of the practicalities of running a business, but it has refocused my attention on the fundamentals. The next 12 months are going to be tough as we wait for the industry to return, but having the toolkit as an easy to follow resource will allow me to review new solutions for the business in the meantime.”

Christoph Loch, director of Cambridge Judge Business School, said: “Many entrepreneurs and businesses will be looking for new opportunities during this time, and we know they’ll be asking themselves what their strategy should be as they look to adapt to best serve their customers. During the online programme, we’ll lead businesses through that thinking, stepping away from the day to day operations to look at the opportunities and a longer term strategy with the help of our business toolkit.”

Hannah Bernard, head of Barclays Business Banking, said: “We’re proud to provide a platform for business owners to hone their skills and access vital resources as businesses across the country continue to be impacted by coronavirus. We stand behind UK businesses and are always looking for new ways to provide help and support to entrepreneurs, business owners and sole traders across the country.”

The toolkit is the latest measure in a package of support rolled out by the High Street bank to support SMEs during this time. Barclays has facilitated £16.7bn into the economy through government lending schemes, delivering vital aid to businesses during the pandemic.

Earlier this month, the bank also launched a ‘Get Local’ partnership with Nextdoor, the neighbourhood hub, to help SMEs promote their skills and services to their local community in a safe way, and let them know that they are open for business.

Businesses can find out more about the Back to Business toolkit and sign up at: https://www.barclays.co.uk/business-banking/sectors/entrepreneurs/back-to-business-programme/

June 9, 2020

Hope Capital relaunches Hope FleXi loan

Bridging lender Hope Capital today relaunches the flexible bridging loan, the Hope FleXi.

Now part of the Hope Capital Custom Collection, the Hope FleXi is one of six different products, features and options, all of which are designed to give the most suitable solution for the borrower.

The Hope FleXi offers a new level of flexibility to the market. The key with this new product is that a borrower can not only service the loan while having some of the interest retained, but also spread repayments on the serviced part over the entire term of the loan. This means that the monthly interest payments are significantly reduced for the borrower, potentially by over 90%.

Another special feature of the Hope FleXi is that it allows any combination of the number of months that can be serviced or retained, providing the ultimate flexibility for the borrower in ensuring the payments are affordable. By shaping the loan through the selection of the number of months to be retained and the number to be serviced, the borrower is empowered to achieve the balance between cash flow, affordability, optimal loan amount and loan to value.

Additionally, by structuring the loan in this way the borrower can ensure that the monthly payments can reflect the repayments of any future remortgage they have planned to support their exit strategy, or to ensure that any rental income from the property can cover the repayment or interest cover ratio. Additionally, this may help provide a satisfactory credit profile for future refinancing.

The Hope FleXi for residential properties has been designed to help borrowers to achieve their ambitions, to optimise income-generating property, cashflow and capital requirements. This means that the level of payments and the amount required on day one is effectively tailored to each individual borrower’s circumstances.

For example, loan terms can be from three to 12 months, so if the borrower has selected a 12-month term, they could choose to retain six months’ interest, and make six months’ payments spread over the whole 12 months. Alternatively, they could opt to retain five months’ interest and make seven months’ worth of payments, again spread over the whole 12 months – ultimately any combination can be selected, to benefit the borrower, creating a wholly flexible loan.

Jonathan Sealey, chief executive officer of Hope Capital, commented, “Our Hope FleXi bridging loan is all about offering the flexibility to meet the needs of the borrower. As part of the Custom Collection it gives added benefit to the borrower as they can mix and match it with other features to create a tailored loan.

“We understand that individual circumstances – the borrower’s own financial position and the nature of the property they are investing in – will vary greatly from case to case.

“At Hope Capital, we make it our job to take all these different situations into account and do our utmost to lend in any scenario where the loan achieves the borrower’s aspirations, is affordable and enables a viable exit strategy.”

“As with all our bridging loans, our team provides service excellence at every stage from initial enquiry through to completion.”

June 3, 2020

Hope Capital launches discounted rate product

Bridging lender Hope Capital today launches a new product which gives borrowers control and flexibility of their cashflow.

The Discounted Rate loan is designed to help borrowers achieve the balance between affordability, optimal loan amount on day one, cashflow and Loan to Value. Interest is set at a lower rate for the first six months, resulting in lower monthly repayments for the customer, making the loan as affordable as possible.

With initial rates starting from just 0.54% per month, this product is an attractive proposition to borrowers where cashflow is a priority.

The discounted rate is available on serviced or part-serviced loans and has a minimum 12-month term, with six months being at the lower discounted rate and the remainder at the non-discounted rate.

For example, a borrower purchasing a residential property requiring some light refurbishment prior to being rented out, would benefit from low monthly repayments during the period of receiving no rental income.

Once the property is tenanted and income coming in, the borrower can afford the increase in monthly repayments. In addition, monthly payments can reflect the repayments of any future remortgage, which may help build and provide a satisfactory credit profile, when implementing their exit strategy.

This new product is part of the Hope Capital Custom Collection which comprises six different products, features and options, all of which are designed to give the most suitable solution for the borrower. By providing this collection of products, Hope Capital enables brokers to offer their clients a loan that is truly customised to meet their needs. Full details on the Custom Collection can be found on the Hope Capital website https://hope-capital.co.uk/products/the-custom-collection/

Jonathan Sealey, CEO of Hope Capital, said: “We’ve listened to our brokers and borrowers and understood their need for a new, flexible, affordable and accessible product. We’re excited to be launching the Discounted Rate product which helps us meet the needs of our customers.

“Naturally, the Hope Capital team works closely with brokers and borrowers to create a loan that best suits the borrowers needs and circumstances, being flexible and transparent throughout the process.”

June 3, 2020

Zephyr Homeloans launches new suite of buy-to-let mortgage products

Zephyr Homeloans, the specialist buy-to-let (BTL) lender, has launched its new suite of buy-to-let mortgage products offering up to 75% loan-to-value (LTV).

Zephyr has expanded its range of fixed-rate BTL mortgages for standard properties, residential properties, houses in multiple occupancy (HMOs), multi-unit blocks (MUBs), new-build properties and flats above commercial properties, all priced at different rates to reflect different LTVs.

A selection of two-year, five-year and seven-year fixed rates are available in each range.

Rates start at 3.19% for a two-year, fixed-rate, standard property buy-to-let mortgage and at 3.69% for a standard, five-year, fixed-rate loan.

LTVs are available at 60% and 70% across all ranges, and up to 75% on the standard range.

Zephyr will lend up to £1m on its standard range at 70% LTV and up to £750,000 on its other ranges.

Paul Fryers, managing director at Zephyr Homeloans, said: “We’re excited to offer such a wide-ranging suite of products to our clients as the BTL market begins to open up and the market starts moving.

“Our product expansion offers options suited for a range of needs – whether landlords are aiming to continue to invest in new BTL properties or seeking to restructure their existing portfolio.”

June 2, 2020

Specialist SME funder sees further growth with another appointment

Business lender Reparo Finance is further strengthening its team with the appointment of Daniel Jones as business development manager covering the South West and South East as the firm builds its presence across the UK.

Daniel joins from Lloyds where he spent over ten years as a local business manager. With extensive experience in financial services and a focus on commercial lending, he has worked across a variety of sectors, including hotel, retail and leisure.

Daniel comments: “This is a fantastic opportunity to join a fast-growing, boutique firm that has carved out a niche for itself as a specialist lender, helping SMEs with their funding challenges. In the current difficult conditions, it is going to be more important than ever that businesses are able to turn to lenders who have a flexible, performance-based approach and can act quickly to provide support.

“I am a firm believer in building strong relationships with clients and look forward to working with businesses and brokers across the South West and South East to help provide lending solutions.”

Steve Richardson, sales director at Reparo, comments: “With his understanding of the needs of small businesses and his commitment to helping them thrive, Daniel is a perfect fit for Reparo. His skills and passion will make him a welcome addition to the Reparo team as we continue to extend our footprint, providing a much-needed alternative to mainstream lending across the UK.”

June 2, 2020

LendInvest updates bridging finance range reintroducing 75% LTV

LendInvest, the UK’s leading platform for property finance, has refreshed its unregulated bridging product suite relaunching higher LTVs up to 75% as the UK’s national lockdown eases.

Residential bridging rates start at 0.55% available up to 50% LTV, at 0.69% up to 65% LTV, and 0.80% up to 75% LTV with loan sizes available from £75,000 up to £15,000,000.

The lender has reintroduced its auction finance and bridge-to-let highest LTV products at 75% LTV at rates of 0.80%.

LendInvest has updated its development exit product with its highest LTV bracket increased to 70% LTV. Rates start from 0.55% with loan sizes available from £250,000 to £10,000,000.

The lender has also refreshed its commercial bridging suite. Semi-commercial bridging loans will now be available up to 70% LTV with rates starting from 0.79%, Commercial loans up to 65% LTV with rates starting from 0.90% LTV, and Land up to 65% LTV with rates starting from 0.90% LTV. Loan sizes for these products are available from £250,000 up to £15,000,000.

Justin Trowse, director for bridging finance at LendInvest, said: “As we continue to see more encouraging signs across the housing market with projects getting back underway, we feel confident in adjusting our product suite to meet the needs of our borrowers.

“Remaining open for business over the past couple of months has not only ensured we were available to our customers, but has also allowed us to quickly tailor our offering as one of the first lenders to reinstate our higher LTV products. We are hopeful that the coming weeks will see more positive news for both the country and the industry, and we are primed and ready to deliver finance to those who need it.”

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