Tell us about yourself and your position within the company?
I’m Daryl Norkett, the Relationship Director for LendWell – a lending business that launched in 2019. Personally, I’ve been involved in property lending for much longer (few greys starting to sneak in!) and prior to LendWell spent my career immersed in Property Finance at Barclays then Shawbrook Bank.
What does your company do?
LendWell funds shorter term, specialist property transactions. This means that most of our lending is project based with everything from simple refurbishments on residential property in preparation for securing a tenant or creating a HMO, commercial to residential conversion projects through to out-of-the ground property developments. We’re lucky to have a really experienced team who throughout their careers have lent £7bn in to the UK property market and we are using the knowledge we’ve gained to fund a wide range of deals on different asset classes and always have an open mind to something new.
Can you tell us about your business aspirations over the next few years?
We’re growing out the business right now and so our focus is on building some great relationships with brokers, property investors and developers who are active in the current market. We understand that the first loan is always the hardest, so try to focus on making as pain free as we can and we aim to add value throughout not only a single transaction but by supporting the growth of property businesses across multiple deals. I think it can often feel too difficult to get a property loan done so we’re focusing on a mix of experience and technology to really make the process easier for borrowers.
Who are your clients?
Put simply, property investors and developers active in the current UK market. However, making it easy for investors and developers to borrow money is a team effort and most of our loans are also arranged with the support of a specialist finance broker. It is as important for us to support the broker in doing a great job for their client as it is to ensure borrowers have a great journey.
What service did Sillence Hurn provide for you?
Property development loans are normally delivered in stages with some money coming out to support with the initial property or land purchase and then the build cost funded along the way. Sillence Hurn provide us with independent insight, guidance, and due diligence at the outset of a deal to aide in making our underwriting decision and then with project monitoring through to completion.
How did you find your experience working with Sillence Hurn?
Having expert specialists involved in a development project is important for us as lenders but often also for the developers themselves. These projects are often their sole income so any mistakes can be costly. Sillence Hurn will provide us the heads up with anticipated building issues, but this heads up supports the client in better managing their projects by being able to plan for these issues prior to them becoming one. Their technical guidance is presented in an easy to understand format with a traffic light system to highlight the key points. This simplicity aides everyone in understanding all the information but also helps us to draw down funds more quickly to our borrowers.
To learn more about LendWell please visit their website - https://www.lendwell.co.uk/