Elliot Newey

What do you enjoy about the specialist lending market?

“Specialist finance, for me, is about thinking outside the box,” he said, with some zeal.

“It’s not a tick box exercise – it’s relationship building, it’s structing the deal, and thinking outside the box to try and get something done for the client.”

Spot on. All our BDMs and underwriters, across all our regions, embody flexibility. Every single one of our deals is tailored to the borrower’s circumstances.

No two cases are ever the same, and they are never treated as such.

What is it that you offer to brokers that work with you?

Elliot, without a doubt, is one of the easiest BDMs to talk to. As it turns out, this friendliness is also the key to his success.

“On the relationship side of things, I think I’m very approachable, very good at building new relationships. Also, in a past life, I was an underwriter. So, I understand the risk aspects as well as the investment aspects.”

This allows Elliot to get ahead of any potential complications and or difficulties before they have a chance to materialise.

And speaking of complications…

What would you like to see introduced or prioritised within the specialist finance market?

Elliot believes there’s work to be done in making sure all the different players in a deal are better in sync.

“The industry talks a lot about moving with the times, and a lot of lenders are doing that, but I think there’s more to do in supporting the conveyancing side of things,” he said.

“Also, I think the surveying market is very cautious. Rightly or wrongly, a lot of valuers got burned in the recession a few years ago, so I think there’s still that mindset of, let’s put a reserve in place, rather than be kind of realistic.

“But that’s what I would like to see worked on – bringing everyone together, rather than working in silos.”

Where do you think there could be opportunity for property investors in the current market?

As is to be expected, anything which can provide property investors with decent yields holds a lot of potential in the current market.

“Yeah, HMOs and multi-unit blocks are a hot topic at the moment, as they tend to have stronger yields compared to basic houses. Also, if one tenant leaves, you haven’t got the headache of losing all your rent, you’ll only lose a portion.”

For worried landlords, this is an important element. In fact, in seeking as much protection as possible, Elliot has seen more “corporate” tenancy agreements put in place, likely to keep things as secure as possible.

As he highlights, the North is solid for those in need of yield and security.

“The yields in the North, it goes without saying are much stronger than the South,” he added.

“The values are lower, but rents still seem to be edging higher, which is good. The challenge for some clients though is that investors may turn away from the cheaper properties here, as they may assume there’s no profit to be made, or lenders won’t have much time for them.

“But there are some good properties here and in certain locations there are prime properties for younger professionals, or around universities.”

Elliot pointed out that properties around the University of Sunderland and the University of Northumbria hold a lot of potential in the North East. Demand is growing for student accommodation, as well as those “higher calibre” properties that can accommodate students as they graduate into the world of work.

Are there any typical borrowers or cases that you tend to work with?

Elliot sees a lot of regional variation where he’s based.

“The North East tends to be more about the BTL, rather than the bridging market. There are parts of Sunderland seeing a lot of investment in the commercial side, so bridging is becoming more important there.

“Also, Middlesbrough looks like it’s up-and-coming with stuff happening in and around the port.”

As is to be expected, regardless of whether Elliot receives a query for a residential BTL, or a commercial refurbishment, he’ll be more than happy to accommodate where possible.