‘We’ve come a long way, but we want more people to know what we do and how unique we are’

A company with a dedicated ‘Happiness Officer’ might not need much cheering up. But the smiles at bridging lender Mercantile Trust are likely a little wider.

It’s always uplifting to see hard work rewarded: the company’s Operations Director, Tara Evans, has been promoted to Chief Executive, alongside the happy news of Mercantile Trust joining the Bridging Loan Directory.

Evans officially takes up the reins of CEO at Norfolk Capital Group’s Mercantile Trust, replacing Debbie Burton who will now focus on her leadership of another Norfolk Capital Group’s firm Central Trust.

Evans was hired in 2002 as a Customer Account Manager for Norfolk subsidiary Central Loans Limited. Aged just 19 she immediately had her eyes on something bigger.

“When I started in the group I thought one day, hopefully, I would be in that position of Chief Executive,” she said. “I have always been ambitious and determined and grown from position to position.”

Indeed, Evans joined Mercantile Trust last February, after a range of roles within the Norfolk Group for Central Loans, The Loans Engine and Central Trust.

“Since taking over as Operations Director I’ve been building up the knowledge and expertise I need to eventually become the Chief Executive,” she explained.

“It is not really a new role as it doesn’t mean any immediate changes. But I’m very proud of myself and the whole team here. I may have realised my dream, but there is still so much more work to do to keep growing the business.

We’ve come a long way but we want more people to know what we do and how unique we are.”

Mercantile Trust was set up by the Norfolk Capital Group in 2016 to initially offer specialist buy to let mortgages, both first and second charge.

It started offering bridging loans in 2017 offering first and second charge loans, light refurbishment, and auction bridging loans.

It offers mainly residential first and second charge loans between £25,000 and £500,000 with loan terms between 1 and 18 months. Its coverage is nationwide across England, Wales, Scotland and Northern Ireland.

“The major part of our business is second charge,” Evans explained. “Although we are starting to see more first charge applications as well since we launched the use of title insurance to speed up bridging transactions a few months ago. I would definitely like to grow more in firsts.”

Growth has certainly been foremost on Evans mind since joining Mercantile Trust. She has helped build the team from 6 to 15 with new sales, BDM, marketing and IT roles.

Loan volumes have also sparkled with the average monthly volume increasing by 32% over 2024.

The company has also rebranded, built a new website and is currently working on a new broker portal.

“We have done a lot more marketing and social media work which has helped get our brand out there,” she explained.” We are now in a place where we want to push forward and joining the Bridging Loan Directory will help us build awareness even more. There are still too many brokers we speak to who really don’t know what we do.”

That means reaching out to new brokers but also their existing clients.

“We have had quite a lot of contracts with introducers in the past who we may have done a better job in keeping in contact with,” she said.

“What is really important now is how we build on those relationships. Obviously, we have key partners who give us cases every month, but we really want to support everybody who wants to work with us.

We want introducers to be thinking about us every time they have got a case. We are getting more emails and cases in the door, but we need to get the message out there more. We have a number of niches which really set us apart. Products that nobody else does.”

These niches include 75% Loan to Value on a first and second charge bridge and limited company bridges as second charge.

In addition, automated valuations are accepted up to 75% LTV with equitable charges up to 70% LTV.

“When we can get to brokers and explain these USPs, they tell us that they didn’t know we offered them,” Evans said. “So instead of discarding certain cases that they didn’t think a lender could make work, they now send them our way.”

But it is not just about products. Mercantile Trust prides itself on its ‘human’ approach to doing business.

“One of the things people really like about us is our service and our human touch,” Evans said. “You can have access to anyone here.

A broker can call an underwriter manager or call me directly. We are all available to help and support our clients.

We are also quick in our decision making. If you submit a case by 3pm, then you get an update the same day. If you send a referral, you get a reply within two hours.”

Mercantile Trust also works towards a set of company values which it believes enhances customer and employee relationships.

These include Honesty in which staff will only recommend a product that benefits its customers, Transparency in which staff are forthright and clear with customers and Humility where staff let the quality of what they do, and their values speak for themselves.

The group is also signed up to the Women in Finance Charter, which is an HM Treasury pledge for gender balance across financial services. An impressive 50% of Mercantile Trust’s senior managers are women.

“I know how hard it is to be wife, mum and a woman in a senior role. It is hard. I was given that chance and I want to offer that to others as well,” she said.

Evans added: “We try and work towards these values. When we hire someone, we already look for those values within them, and we ensure that they are maintained. It is core to what we do. We want to treat our customers fairly at all costs.”

Evans praises her “fantastic team” of people. “They are a good bunch. They all have their input on the growth of the business, and it is a happy place to work in. Yes, having a full-time happiness officer to maintain that mood and positivity certainly help.”

What then of the future? Evans said she is looking at extending products beyond residential with a potential move into semi-commercial.

“We are not ready yet. If we can get comfortable with it then you never know, but we feel we can get to where we want to get with our existing offerings.”

Evans wants to see the company continue to grow volumes and its team, particularly sales staff as it looks to ‘get the brand out there’.

“We are currently reviewing lending criteria and removing barriers. That could be improved,” she said. “It’s a tough climate out there for people.

At times like this you need human and values led decision-making reviewing everything on a case-by-case basis. Key for me is that you need to have flexible solutions.

You always have to try and find a way to complete a deal if you can. It is why you’ll see more of our name in the industry in the years to come.”

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