Being resolute is absolutely key to all of us safely navigating the current climate of lockdowns, social distancing and need to avoid older relatives during the coronavirus pandemic.
Amidst all the extreme difficulties of the current climate – both from an individual’s perspective and from the perspective of an uncertain property market – the word resolute is often heard. But what does it actually mean?
If you describe someone as resolute, you approve of them because they are very determined not to change their mind or not to give up a course of action.
[Synonyms: determined, set, unwavering, firm, dogged]
It struck me that this is an excellent description of how the team at Signature are providing funding to clients during the current crisis - we are determined not to change our mind about deals we have agreed.
Also, how we are actively planning and preparing to be well placed to support clients and brokers when we come out of the grim shadow of COVID-19 – we will not give up the course of action we decided to follow before the crisis struck.
To resolutely go
We are still actively lending in the market today, resolutely fulfilling ongoing and new loan opportunities. Our credit terms have been amended to a minimum loan period of 12 months, but why do we think that’s resolute, I hear you ask?
Whilst some funders have withdrawn facilities, reduced LTVs or stopped lending altogether, we are committed to continuing to be an innovative, relationship-led and flexible lender.
Innovative - the 12-month term is because of the uncertainty of how quickly exits can be achieved whether this be a sale or a refinance especially where a customer is proposing refurbishment of the property (either funded by themselves or by us)
Relationship-led and flexible - The benefits of the 12-month loan period, is that if the client can redeem earlier, they will only pay interest for the actual period of the loan.
Shorter loan terms in an uncertain climate would in our experience risk clients having to face an extension fee and servicing interest (possibly at a higher rate) until the 12 months are up.
We believe the 12-month term recognises the current challenge of completing projects, particularly those needing on-site trades, benefitting our customers and their clients.
Expecting a resolution
When the country emerges from current crisis and market conditions return towards normality, we believe Signature Property Finance will be well placed to support brokers and clients in the expected rush to kick-start the market.
Our product range, which has recently been enhanced with a 3-year bridge-to-let product and a development funding (ground up) product, provides investors and developers with a range of products focussed on the needs of those looking to succeed in the property market.
As a face-to-face business, with teams across key locations in the UK, supported by a head office team and digital channels, we will be out in the marketplace confirming our commitment to funding the property ambitions of our clients and our brokers.
We will be resolute (that word again) in our commitment to demonstrating in practical terms that we are an innovative, relationship-led and flexible lender, always looking for ways to get deals done. Signature does what it says it will do - this is Signature’s signature!