"UTB have five core values which are at the heart of everything we do. Integrity is one of them and I believe it’s absolutely key to our success."
- Paula Purdy - United Trust Bank
PR: Please tell us a little about yourself and your current role in the property industry.
PP: I have worked in specialist lending for over 20 years, focusing on supporting intermediaries to deliver solutions for their clients. I like to think I’m someone who delivers whatever is asked of me and will do everything I can to do that.
I currently head up a team of 10 people at UTB Bridging, evenly split between field-based and internal sales staff. We enjoy working together to deliver outstanding service to our broker partners and support them with bridging transactions including more complex and unusual scenarios. No two days are the same, which is why I love working in this industry!
UTB have five core values which are at the heart of everything we do. Integrity is one of them and I believe it’s absolutely key to our success.
PR: Is the change of government fuelling any trends in the bridging sector?
PP: I don’t think so. Some customers may have held off pending the result, but to be fair, that was a foregone conclusion for weeks before.
There are always opportunities for switched-on property developers and investors, regardless of who is in number 10, and many still need to finance their projects. Bridging is such a useful and versatile product, that I think the market will continue to grow this year and in the future.
PR: Where would you say are the main opportunities in today’s market for property investors?
PP: There are a number of opportunities for property investors, in particular around refurbishment. We are seeing an increase in this type of business, even for minor refurbs where the borrowers want to sell on quickly.
Given the shortage of housing, both to buy and rent, we are seeing increasing numbers of deals where there is a change of use from commercial to residential. Often the works aren’t huge, but the additional value generated by the changes can be significant. At UTB we can support heavy and light refurb projects where the change of use has been granted.
PR: What do you think is the outlook for the bridging market for 2024, anything we need to look out for?
PP: I think it will continue to be a strong market with further growth in 2025. For the remainder of this year, I think the key for lenders will be ensuring they deliver on service and how they differentiate themselves in a crowded market. Our strengths lie in our deep experience, commitment to delivering what we promise and a reliable source of funds from our Deposits business.
PR: What are UTB's plans for the rest of the year?
PP: To continue to do what we are doing and always try to improve. We are a ‘common sense’ bridging lender who will always look for a way to say yes by being flexible and creative when needed. We have a strong team at UTB bridging who work together to deliver the right outcomes for brokers and customers. At the heart of all we do are our core values- Customer focus, Integrity, Tenacity, Responsibility & Teamwork!
