‘I like to think of myself as a team player’
By Tony Sanchez
In our latest Five Minute Interview, Tony Sanchez speaks to Jon Durie, Business Development Manager, Scotland and Northeast at Alternative Bridging Corporation.
Alternative Bridging Corporation is a principal lender, offering the widest range of short and mid-term products, to the property industry and business community as well as bridging loans to homeowners.
They make regulated and non-regulated loans and are one of the longest established lenders in the industry.
What is the best thing about being in the bridging and development finance business?
The variety, different deals and enquiries coming across the desk, speaking to lots of people to try and get deals over the line, problem solving along the way.
My favourite part is seeing projects change from, say, a run-down church into beautiful apartments, and seeing the ideas that some people have to create wonderful homes.
What keeps you focused?
Jonathan & Paul!! In all seriousness, we have numbers to hit which directly impact our own department within the greater ABC business, so driving deals forward to completion is our focus.
What qualities do you look for in your employees or colleagues?
Team spirit and togetherness. I think collaboration and working with people, as opposed to against people, is the way forward.
I like to think of myself as a team player and I think that is very important.
Are you an optimist or a pessimist?
An optimist – I think!? Glass is definitely half full. I do believe thinking positively is the way to make things happen.
What did you want to be as a child?
A professional footballer, unfortunately not good enough nor tall enough!!
What will be the greatest challenge facing the bridging and development finance industry in the coming months?
For the development sector I think the increasing costs of materials and labour is having an impact on projects and their profitability.
Rising interest rates and the increased cost of funds are also a big consideration for developers.
In the bridging sector, the rising interest rates have made the stress tests and affordability / debt service models much harder for borrowers.
Some projects now only have sales as an exit strategy as the income levels of the project no longer work on some lenders models.
Proper due diligence and thought through exit strategies will be key moving forwards.
Who or what makes you laugh?
My son and some of the rubbish he spouts.
Do you dread Monday mornings?
No, I enjoy working so Monday mornings are not an issue.
If you could change one thing about yourself, what would it be?
I’d like to have been taller, might have helped with the professional football?
With whom would you most like to have dinner?
Sir Alex Ferguson.