‘Honesty, integrity and a strong work ethic’
By Tony Sanchez -
In our latest Five Minute Interview, Tony Sanchez speaks to Eli Korman, CIO and head of development finance at TAB.
TAB was founded in early 2018 when they realised that some of the most exciting property projects didn’t fit well within the constraints of traditional lenders’ more rigid and often computer-generated funding criteria.
TAB have designed their lending model to have the flexibility to consider the wider spectrum of a borrower’s circumstances. Through varied funding sources from institutions to individuals they can finance a diverse range of projects
The decades of property market knowledge, in-house legal team, quality underwriters and high-level salespeople who make up the TAB team reinforce their expertise and experience within the industry.
What is the best thing about being in the bridging and development finance business?
It’s that everyday provides different challenges. One day I could be looking at a first charge loan for £4.55m for a site with planning in the centre of Canterbury, and the next I could be on the site checking the progress of a £685k first charge development loan in Kingston upon Thames.
In bridging finance no day is the same, every loan, property or investment is different and that provides exciting opportunities.
What keeps you focused?
Bringing everything I love all in one place – both property and finance. I have over a decade’s worth of experience working as a property developer and previously worked in the credit derivatives department at JP Morgan.
At TAB I can utilise the knowledge and experiences of both these professions together.
What qualities do you look for in your employees or colleagues?
I look for three main things. Honesty, integrity and a strong work ethic.
Are you an optimist or a pessimist?
Neither. I prefer to call myself a realist.
What will be the greatest challenge facing the bridging and development finance industry in the coming months?
Firstly, for development finance, Brexit and in some ways Covid too, have hindered the availability of resources so I anticipate the greatest challenge will be the stabilisation of both labour and material costs.
For the bridging industry, the biggest challenge in the coming months will be the potential rises in interest rates.
Who or what makes you laugh?
Do you dread Monday mornings?
No, I have never dreaded Mondays. During the weekends I usually enjoy watching my son play for his local Sunday league football team and ensure I go for a decent run too.
The weekend provides me an opportunity to refresh and recharge – although not always easy! That’s why when I come in on Monday morning I’m ready for the week.
If you could change one thing about yourself, what would it be?
I’ve often been told by my family to try and switch off from work more often. I’m 100% committed to everything I do which leads to my mind always focusing on work.
It would be nice to slow down and switch off easier, especially when I’m away from the office.
With whom would you most like to have dinner?
If I could have dinner with any person in the world it would be David Cameron.
I would revolve our conversations around the Brexit referendum, particularly why he was so quick to leave the government following the decision to leave the EU.