Signature Property Finance, one of the UK’s leading short-term property finance providers, has initiated a structural change within their business model, following the appointment of Thomas Howells (pictured)as the firm’s first legal director.
The new management structure was announced at the start of the year and bringing legal experience onto the board has helped broaden the expertise to help shape the growth strategy and ensure it continues to deliver in line with expectation.
Howells commented on his arrival from Insight Law: “As an experienced property lawyer, well-versed in all aspects of acquisition, disposal and finance, I had regular contact with Signature and understood their commitment to delivering deals on the terms first agreed.
“This is admirable, but a key component of this is the input from legal advisors. The sooner they are involved to address any legal issues the quicker deals can progress. By bringing the legal work in-house, I’m now able to get involved much earlier in the deal process and advise our relationship managers of any potential issues before the deals are even agreed.
“We have an experienced team at Signature, who have seen and resolved almost every issue likely to delay or derail a deal, but now we can shape deals from a legal perspective, from the earliest engagement with the broker or developer.
“By looking at the detail at the start, we are confident we are making offers that we can follow through on, with no risk of the last-minute, nasty surprises that plague our industry and damage the reputation of short-term property finance providers.
“Development finance is currently our key growth area, especially in the small-scale development space of 1-5 units, which often require more complex legal issues to be addressed. Having an in-house advisor in this context, is a significant benefit.
“The link between property finance and legal advice is so intrinsic to the smooth running of deals, it is surprising perhaps that more lenders haven’t made a similar move. It makes for better, quicker deals, which often cost less to administer for the borrower, so a genuine win-win.”
Signature sales director Paul Tromans said of the appointment: “Recruiting Tom was a pivotal decision for the business and one that is already paying huge dividends in the development of new products and putting borrowers at the heart of our processes.
“It not only confirms our determination to pursue a growth strategy shaped by more input from experienced professionals on our board, but our commitment to deliver the best possible deal experience for our clients; finance brokers and property developers alike.
“In-house legal expertise allows us to address potential legal issues before the deal is even agreed. Furthermore, once the deal is agreed and the borrowers’ lawyers are involved, we can drive the pace of the deal to suit our clients, as we have only one focus, not the many different demands from many different clients a lawyer in private practice will encounter.
“The early signs are very encouraging and as word spreads of our client-centric service, it can only get better.”
