CEO on the positive sentiment in the market
Anyone who’s been in the industry for any length of time will tell you that – just like life itself - the market is cyclical. Just ask Duncan Kreeger, CEO of TAB, a lending platform that provides mortgages and bridging loans.
Starting out as a broker, Kreeger (pictured) has spent over 20 years in the property market – launching his first business at the age of just 17 – and he see similarities in the market today, with how it was in his formative years.
“Mortgage rates, and the BoE base rate, were very similar to where they are now when I started,” he told Mortgage Introducer. “We have had several major world events, all of which have sent shockwaves through the property and mortgage market.”
How is the mortgage market performing?
Kreeger noted: “The market has adjusted to the 5.00% Bank of England base rate, and now rate reductions of even 0.25% are thus more meaningful. We still have some hurdles to overcome, but generally, I'm seeing, and hearing, a much more positive sentiment in the market.
“What I have learnt is to be resilient and that things tend to move in cycles. Right now the rates are moving in the right direction, along with inflation, but we are still contending with tax hikes and international politics to name a few potential spanners in the works.”
Privately owned and based in Borehamwood, Hertfordshire, TAB was founded in 2018 by Kreeger, who was previously a managing director of bridging finance provider West One Loans.
TAB provides products for property projects which are not aligned with the criteria of traditional lenders, in terms of flexibility or term. Its platform handles everything from enquiries through to completion, loan processing, and open banking, with the assistance of AI.
Its borrowers include individuals, sole traders, limited companies and charities, and it finances a broad range of property types including residential investments, HMOs, commercial, semi-commercial, offices and retail, with loans up to £7.5 million.
“When it comes to mortgages, we’ve designed innovative products that complete at the speed of bridging loans, filling a critical gap in a £50bn annual market,” Kreeger observed. “We've lent over £500m across residential and commercial properties, backed by multiple funding lines. The current pipeline exceeds initial expectations, signalling strong future growth.
“Traditional banks' rigid structures can be limited in flexibility and the rise of challenger banks has added to the competitive pressure, I love being able to deliver quickly when clients are in need, and I love building a brand and attracting interesting customers for whom we can make a difference.”
READ MORE: Trackers surge by 67% over three years
What makes a broker successful?
Kreeger believes that there is no substitute for working hard – or smart – as a broker, and spotting the opportunities which arise.
“New generations are entering the market, and this potential customer base is often unrecognised and untapped,” he said. “In the UK, roughly 100,000 properties change hands every month, and this doesn't even allow for most homeowners to come off fixed rates every two to five years, providing another source of business which is oft overlooked.
“The key is to be visible, using all means necessary and gain independent reviews and feedback to showcase when you provide an excellent service. Embrace technology, get the basics right, and the rest will follow.”
He added: “The best lesson I’ve learned is to surround yourself with good people.”
Clearly proud of what he’s achieved, Kreeger retains a positive outlook for where the market will be in 12 months’ time.
“Slow and steady increases in positive growth, will lead to a stable five years and hopefully a cycle of good news,” he said, even predicting that people would be gazumping each other again, in their pursuit of property. “I can't be certain if this will be this year, the next or the year after that.”
