Limelight

What better way to start the new year than by hosting our annual Directors’ lunch; partnering once again with JMW Solicitors, we welcomed over 70 of the industry’s most influential leaders to enjoy a decadent afternoon, filled with delicious food and wine, delightful conversations and laughter. 12 months after its glow up, Medianett Publishing was excited to unveil its record-breaking success in 2022, and its even more ambitious plans for the year ahead—including its brand new BTL Insider website and magazine.

Hampshire Trust Bank’s new head of sales for bridging finance talks about what has prepared him for this role, the state of the specialist finance market, and teases the bank’s upcoming plans

Lorenzo Satchell joined HTB at the start of January, following his second stint at Together which lasted seven years. With over three decades of experience in property finance, gained at various specialist lenders and packagers, he is ready to raise HTB’s bridging sales team to new heights, and boost the bank’s short-term bridging finance originations via the intermediary market.

Congratulations on your appointment. What will you be focusing on first?

Making sure my team are working with the correct key partners—which have a comprehensive understanding of our processes and products— is crucial.This will lead to a good customer journey and the best client outcomes.

How will your experience help you in your new role?

Simplicity is key. I can identify what works as a business and acknowledge the pitfalls from my experience. My roles within Together and understanding of products across a wider scope of lending (including bridging) provide me with a real oversight and understanding of what a good transaction should look like. This in turn will support the team within my channel—from sales to underwriting—when looking at the more complex transactions across different security types and customers.

What is one thing the industry does not know about you?

As a teenager, I was an aspiring goalkeeper. I was scouted for Millwall FC Youth Team and was on their books for three years.

What has been your biggest achievement to date?

A few jump to mind. Firstly, mentoring new and old colleagues at Together and seeing them achieve success—it’s easy to be selfish, but being selfless is its own reward. Secondly, establishing and working closely with some fantastic key partners for more than a decade, watching my business volumes go from strength to strength and forging strong business relationships that have continued to flourish. Lastly, but certainly not least, landing my position at HTB to drive and increase the growth of its new bridging channel in 2023.

What are HTB’s lending targets and plans to expand/enhance its product ranges this year?

We have ambitious targets, but they are still sensible and achievable. Product innovation will be at the forefront for the bank. Subject to how the market evolves, there are a few product ideas focused on customer retention I wish to explore— but more about this later in the year.

What will be the most popular uses for bridging finance in 2023 and why?

Bread-and-butter purchases for investment units to refurbish will continue with the predicted increase in property coming onto the market. Meanwhile, 68% of professional landlords have committed to expanding their portfolios due to the high demand from tenants for good-quality homes. On top of that, portfolio landlords will continue to upgrade properties in line with the impending EPC requirements, while auction purchases will see more growth due to property receivership. I think development exit opportunities are very likely to increase as a result of delays with projects over 2022, which will require more time allocated for the sale period.

What opportunities and hurdles do you foresee in the bridging market in 2023?

The biggest challenges in the short-term space will be plausible exit strategies.This is due to criteria demands from term lenders with stress testing for residential investment, and a more cautious appetite to lending on commercial security.

As for opportunities, the bridging market has the potential to help portfolio investors pick up distressed assets to convert and create higheryielding properties, be they semi-commercial, HMOs or good-quality, single-dwelling BTLs.

If you could change one thing about the specialist finance industry, what would it be?

I’d like to see more opportunities for the younger generation to forge a career in specialist finance. While internships and placements are evolving slowly in the specialist sector, not enough opportunities are being provided or promoted. More initiatives for graduate schemes and work experience across the industry within different departments would greatly benefit the future of specialist finance.

How did you spend your very first pay cheque?

It’s difficult to remember my first pay cheque, as it was so long ago. However, with my first substantial one, I bought a limited-edition Michael Schumacher Omega Speedmaster watch.

Your dream job – if you weren’t doing this, what would you do?

To own and run a franchise of specialist gyms for CrossFit and boxing around the country.

Office, WFH or hybrid? Hybrid.

What is your karaoke song? ‘Rapper’s Delight’ by The Sugarhill Gang.

Do you have any hidden talents? Boxing and football have always been my first loves.