Brokerage boss on the need to act fast, admit your error and preserve your reputation
Reputation is everything in business and few of us, perhaps, would want to admit when we have got something wrong. But the founder of a brokerage has spoken openly about an error his company made in connection with a £1.8 million loan, and highlighted the importance of transparency in business.
Saam Lowni (pictured), managing director of Merryoaks Finance, set up his business in 2021 to provide advice and solutions for developers and investors looking to enter the property market, while also assisting those who are already established and wish to grow. With a fund of £300 million to draw upon, it is on course to fund 1,000 homes across the UK, according to Lowni.
But, as any successful business knows, mistakes can happen – it’s how you deal with it that makes a difference, as Lowni understands. “We recently faced a tough moment, an accusation that questioned our honesty,” he said. “It stung. But more importantly, it forced us to reflect on what truly matters: the core values we stand by, both as professionals and as people.”
Lowni explained that knowledge is key – in terms of knowing your market, your lenders, and, in particular, your clients. On this occasion, there was an issue with the knowledge that Merryoaks was working with, he said. “A simple yet critical error in the client’s project costs for a development exit loan caused a lender to question our figures and, by extension, our integrity,” explained Lowni. “The mistake wasn’t deliberate, but it was costly in time and stress. Somewhere along the way, an inaccuracy had slipped through, though we had double checked the numbers with the client beforehand.”
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The realisation of a crucial error is a heart-stopping moment of course – as the enormity of what has happened sinks in. And then, the thorny issue of how to address it arises – do you take responsibility for the mistake or try to ease yourself out of an uncomfortable situation? It’s a classic question of scruples. The latter may be tempting for some, but, fortunately, Merryoaks took the former option.
“We owned it,” Lowni shared. “In situations like this, swift and transparent action is crucial, so in the next 24 hours, we didn’t rest until we identified where in the process the mistake had been made, providing evidence, and working transparently with the lender to rebuild confidence and restore our reputation. Mistakes happen in this business, but how you handle them defines your reputation. The £1.8 million loan was funded within 13 working days, and both the lender and the developer remain strong partners for the future.”
Lowni’s openness is remarkably refreshing in an industry which is zealous about its reputational image. Yet, by sharing his company’s predicament as a striking business lesson, he has highlighted a key lesson of the importance of always playing it straight. Even if it hurts you momentarily, the long-term benefit to your reputation is worth much more. “This experience was a powerful reminder that our core values aren’t just words on a website,” he reflected, “they’re the foundation of every relationship we build and every deal we help complete.
Lowni has 20 years’ experience, spanning residential and commercial property development, sales, lettings, management and finance. He has worked with boutique agencies and national chains alike, and is continuing to build his own portfolio across the UK. He is also the founder of Property People, a YouTube channel and podcast platform on which property professionals can share ideas, experiences and solutions.
He was clear about the lesson to take away from the incident he’s shared. “Learn from our experience,” Lowni urged. “Know your numbers, triple-check them, and when things go wrong, lean on your values, take responsibility, and handle it quickly.”
