Spotlight Hiten Ganatra builds on his vision

A man with a vision

Hiten Ganatra turned an early passion for property into a successful business, Visionary Finance. He tells Simon Meadows that there’s always a solution to be found for his clients

Hiten Ganatra

“D uring my childhood, seeing the hardship my parents went through and the tough graft they put in to make ends meet meant I was determined to push and challenge myself to ensure that my destiny would be different,” said Hiten Ganatra, founder and managing director of Visionary Finance. “My parents came to this country with very little in 1976, from India, after the Idi Amin exodus from Africa, and worked as factory operatives. They worked tirelessly to buy their first home and then bought their first investment property in Leicester in the late ‘90s, when buy-to-let was only just starting to become popular. I recall spending my summer holidays helping my dad out, doing DIY, cleaning student digs, and bringing the properties up to standard to rent them out to the next cohort of students.”

He continued, “In 2002, when I was going into my second year at university, I bought – with the help of my dad – my first investment property. The housing market was really buoyant between 2003 and 2007, so I took advantage of the market conditions and grew an investment portfolio. I developed a real passion and love for all things property.”

SETTING UP IN BUSINESS

Following training in a graduate accountancy programme and eighteen months working for a brokerage, Ganatra set up Visionary Finance in 2008. Today it’s an independent, fee-free mortgage broker, based out of Milton Keynes and London, that last year completed around 830 mortgages and £161m of lending. This year, it anticipates slightly exceeding that. Its eight consultants have access to more than sixty different lenders, ranging from mainstream banks to specialist lenders.

“It was probably the worst time to set up a financial services business because of the credit crisis and the lack of available funding,” said Ganatra. “But I think the key driver for the success was my own experience of being a property investor as well as my sound understanding of numbers. Coupling these elements to provide excellent customer service meant I was on a sound footing to make the business a success. Your customers aren’t just the mortgage clients that you’re dealing with, but equally the introducers you deal with. Communication was a key factor. One thing that we’re really proud of saying to our clients is that regardless of how complex your circumstance, we will always find a lending solution for you.”

BUILDING MOMENTUM

An introduction to leading London developer Galliard Homes, which made Visionary

Finance its sole mortgage adviser in 2015, and then to the Birmingham developer SevenCapital, which came on board in 2018, built momentum in the business.

“We specialise in the full spectrum of regulated and unregulated mortgages – shared ownership, remortgage, buy-to-let and portfolio landlords, and ex-pat and international clients as well,” Ganatra explained. “We offer specialist advice in every single area of these mortgage types, and because of this, our relationships with our introducers are very strong. I think that’s probably our biggest USP, and something we take real pride in.”

A CHALLENGING TIME

He was realistic about the challenges that the UK is currently facing.

“The specialist market has definitely been affected,” Ganatra stated. “You just need to take a look at the number of specialist lenders that have either completely withdrawn their product ranges or repriced to a level where the figures just don’t stack up. There are strong headwinds in the marketplace, and the fact that house prices are forecast to fall – there is a real sense of nervousness. And I believe that, with base rates expected to level out at around 4.5 per cent, there’s potentially a risk that transaction volumes could drop off a cliff. A slowdown in business activity and application numbers could result in many of these lenders struggling to sustain their business models.”

Ganatra added, “In my view, the dust will settle down probably in the next six months or so. I think we’ll have a clearer picture then of the medium-term outlook. My advice to brokers would be to stay positive, keep your knowledge up to date, educate your clients, and continue making sure that you remain informed about what’s going on around you, because your knowledge will be your biggest strength.

“If we as brokers, specialists within the sector, are finding it overwhelming to keep on top of how fast things are changing, then spare a thought for your average mortgage client who won’t have the frequency of exposure we do. The current climate is going to come as an absolute shock to them. So just keep in communication with your clients regularly, manage/reset client expectations, and provide context, because it’s through education that we will allow the sector to move forward. Remember, the base rate at 0.5 per cent should never have been seen to be the norm, despite it being at around this level for nearly 14 years.”

REMAIN OPEN-MINDED

Ganatra was pragmatic about the opportunities that could still be explored.

“Given that there are a lot of factors and circumstances that are beyond your control as mortgage experts, the important thing is to remain open-minded and agile, and adapt to situations,” he said. “Do not overlook the opportunities directly in front of you, particularly when you look at the number of mortgage renewals that are coming up in 2023. Take the time to review processes and bring about efficiencies where possible; revisit and maintain contact with old clients; speak to them about protection opportunities.”

He enthused, “You’ve got to be in a position where you can harness those opportunities and hold your nerve. What you can’t control, let it play out. Just do what you can do and get through to the other side, because it will be fine. It always has and it always will be.”

When asked what advice he would give to someone coming into the profession, Ganatra was very clear.

“Your client should mean everything to you,” he said. “There may be instances when you’re not able to provide the ideal solution. Provide them with the next-best option, and always look to manage their expectations.”

SWITCHING OFF FROM WORK

The managing director of Visionary Finance admitted it was hard to switch off from the business when he went home.

“It’s stressful because as a business owner you have got stresses from multiple directions that ultimately only you can navigate through,” he confided. “Although I have a strong management team, the buck stops with me. When you shut that office door, you’re constantly reflecting, planning, and strategizing, so it’s extremely difficult to switch off. It’s incredibly important to find time to switch off, and I find that playing/watching sports really helps me to unwind, particularly golf. I love spending time with my wife, kids, and our family dog, Simba.”

And finally, what was the biggest business lesson he had learnt?

“The biggest lesson in business that I have learnt is to be sincere and credible in all your conduct, whether it’s with lenders, clients, introducers, or staff members,” Ganatra said. “Your credibility and reputation will help build strong trust and confidence in others – no matter what your objectives may be.” M I