Shawbrook Bank has been a staunch supporter of the secured loans sector over the years and in the past twelve months has launched a number of market leading products. The recent passing of David Johnson, managing director of secured lending at the bank was a sad occasion for the industry with David widely acknowledged as the creator of the specialist mortgage industry and a true pioneer in the secured lending industry.
Maeve Ward, head of sales, secured lending at Shawbrook, speaks to Loan Introducer about David’s legacy and the future of the secured loan market.
How will David’s legacy live on at Shawbrook?
Through his people and his brokers, which he put at the heart of every decision he made. Most, if not all secured brokers have David to thank for the success they’ve had in their life. He valued their opinions, their ideas, their passion and their hunger for secured loans. His energy and enthusiasm was infectious, you could not help but buy into him and any business venture he was part of. Whilst he is not here in person, he is here in spirit and brokers will continue to deliver his dream a buoyant secured loan industry with Shawbrook leading the way.
What do you feel were some of David’s greatest achievements?
Number one his family, number two his horse racing and number three Shawbrook. Only David could acquire funding in 2010 when others were lucky if they got a cup of tea, let alone inside the front door of a potential investor.
Testament to the person he was, what he achieved and what he could achieve and has achieved by acquiring the funding.
If David was involved you knew you were on to a winner, it was all about backing the right horse.
How has his death impacted Shawbrook and the secured industry?
We all miss him, he is a hard act to follow and has left a hole in many hearts which will never be filled, but he has fuelled the fire in our hearts to deliver his legacy. David was never without an idea, a plan, a product, so whilst not here in person to deliver, you can be sure he has left the blue print behind for us to bring to market for him. The secured loan industry is in safe hands, trust me.
Where do you think the secured loan industry will be 10 years from now?
Regulated by the Financial Conduct Authority, buoyant, booming and with more lenders.
What products do you think would boost the industry further?
A lady never reveals her secrets, you will have to wait to wait and see but what I can tell you is that they will be innovative, exciting and designed in partnership with our brokers. What I can tell you is that it’s an exciting place to be right now with new entrants about to come in, and others looking at returning.
Do you think FCA regulation will be beneficial?
Absolutely, its early days and there is still not definite answers but it’s being embraced and welcomed by both brokers and lenders, working together to ensure the transition is seamless.
If you could change one thing about the secured loan sector what would it be?
For there to be more awareness of secured loans, there is a perception that secured is sub- prime – it couldn’t be further removed, so more education is needed.