Many of you will be familiar with the Ronseal advert slogan ‘It does what it says on the tin’ which originated from a 1994 advertising campaign and many will share my view that when it comes to baked beans it just has to be Heinz as ‘Beanz Meanz Heinz’ – the latter slogan was created in 1967 the year I was born (do your own maths!) … which got me thinking.
Both of these slogans have stood the test of time and to me embody some of the key principals in property finance.
As tech and AI become ever present in our lives and the property finance market sees new entrants, often every month, offering competitive rates, quick decision making and unrivalled customer service, the fundamentals to me remain unchanged – deliverability, experience and value for money.
Quick, cheap terms mean nothing until the money is out of the door and a lender’s lack of experience or flexibility can kill a deal overnight. A lenders track record; a recommendation from a trusted source; understanding how they are funded; having access to decision makers (who in turn have the power to make decisions !) often get overlooked but are some of the most important factors particularly when your deal completion is time sensitive.
Deliverability is paramount, hence a lender who sticks by their terms, doesn’t change the goalposts and simply does what they said they will do (like Ronseal) is not only a breath of fresh air but critical.
So what do the Beanz represent – experience, longevity, and value for money. Heinz have been around even longer than I have although Id like to think over 35 years in banking and property finance (both as a lender and broker) stands me in good stead both in terms of sector experience and understanding the property finance market.
I have witnessed at first hand deals collapse for reasons which could have been avoided and seen too many ‘too good to be true’ terms. Putting Heinz beans side by side, a competitor Heinz will in most cases be more expensive but I will take the Heinz variety all day long. A focus simply on headline fees or interest rates does not necessarily mean the best deal. Hidden costs; onerous extension or default fees; lender flexibility and approach if things don’t go to plan all need to be considered as part of a ‘value proposition’ assessment.
Having a trusted advisor/broker alongside you can help you pick the right lender, avoid pitfalls and provide solutions giving you access to their experience and lender relationships built up over years.
Cowgills Funding provide bespoke, independent and impartial advice across a range of property finance requirements from acquisition, refinancing, investment and development solutions.
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