Christian Faes, director of Montello Finance and an ASTL member, said he was “surprised” at the announcement and claimed members had not been consulted.
And while brokers said they welcomed the fact the ASTL had finally agreed on a new leader many were unsure about Hersch’s background.
Simon Juniper from Only Bridging, Rob Jupp from Brightstar Financial, Mel Fordam from Centrado and Steve McColl from Soho Corporate all said they had never heard of Hersch, who was managing director of bridging lender Cheval until 2006.
McColl, investment partner at broker Soho Corporate, added: “There have been a great many changes in the industry since 2006; time will tell whether he is in tune with the new generation of lenders and the changed marketplace that is bridging in 2012.”
However Hersch dismissed the concerns as “entirely untrue” given that he continued to work full time as a director of Cheval until 2009 and has been active in the bridging industry as a compliance consultant.
And Gavin Diamond, finance director at Cheval Bridging Finance and a former colleague of Hersch’s, was fully supportive of the ASTL choice.
He said: “I have worked with Benson for a number of years. He has a wealth of knowledge and experience built up over an unbroken 14 years in the short-term lending market, much of which has been within a regulated environment.
“Most importantly, Benson has a thorough understanding of the issues affecting lenders and is therefore, in my view, perfectly placed to head up the ASTL.”
Andrew Bloom, managing director of Masthaven and the appointment committee chairman, defended the decision to appoint Hersch and said the ASTL membership were fully aware of the recruitment process.
He said: “This was clearly explained and agreed upon in a general meeting open to all members.”
Earlier this week the trade body announced Hersch’s appointment following incumbent chief exec Adrian Bloomfield’s decision to quit earlier this year.
Hersch will work two days a week as ASTL chief executive as Bloomfield did.
