When competitors break bread

Inside astl:

 

On May 6, 2011, ten influential participants in the short-term lending industry sat down to one of the regular lunches, hosted by the Association of Short Term Lenders (astl).

Those in attendance, to name just a few, included the CEOs of the NACFB and the astl, the Director of Masthaven, the CEO of West One Loans and the Sales Director of Omni Capital.
For a few short hours, the figureheads of various short-term lenders, and their service providers of solicitors, valuers and asset managers, left their competitive working relationships behind them and took the time to discuss the issues affecting the market as a whole.

Andrew Bloom, Director of Masthaven, said: “I find it extremely interesting to attend these small events (10 people maximum), as they consist of owners of bridging finance companies, valuers, lawyers, and various other professionals. The information sharing and getting to understand each person’s viewpoint is fascinating.

At a senior director/owner level, we all share common problems. Even though our Business Development Managers (BDMs) may compete every day of their working life, everyone round the table appreciates that united, under the astl banner, we are a much stronger force, especially when dealing with the FSA and other regulatory bodies.”  

The lunches, in London and Manchester which take place two or three times a year each with differing participants, are purposefully limited to small numbers. Alan Margolis, Head of Bridging at United Trust Bank, said: “The first of astl’s lunches was held last year, and proved a great success.

“With fewer than a dozen attendees at any one event, everyone present has the opportunity to discuss the most pressing and relevant issues in detail, and consequently to work together to decide the best way to ensure that the voice of the short-term lending industry is heard and that it is projecting the most appropriate message.”
In addition to various lenders sitting side-by-side, the astl’s most recent lunch gave the NACFB’s CEO Adam Tyler, and the astl’s CEO, Adrian Bloomfield, a rare opportunity to discuss relationship of the two Associations.

Adam Tyler, CEO of the NACFB, said: “The NACFB was part of the original committee that helped set up astl, firstly back in 2004 and then finally in 2008 when it really got going. We have maintained a good relationship with astl since this time, as we do with all lender trade bodies.”

Adrian Bloomfield, Chief Executive of the astl, concluded: “The astl was delighted to host yet another successful lunch for its members earlier this month.

“As we continue talks with the FSA and endeavour to provide the regulator with a united front, I feel that these lunches are highly beneficial. We look forward to hosting further events throughout the year.”