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“It has been a challenging year for real estate, but our specialist expertise means we can find a home for more difficult deals”
Daniel Bell is Head of Broker Relations at Newsource Commercial Finance, part of Leonard Curtis. Newsource is one of the leading Commercial Finance Master Brokers in the UK; Dan works closely with new introducing brokers, obtaining new sources of funding for their clients. Dan has an eye for detail and how to get often complex deals done and has played a key role in the success of the business since joining the team in 2013.
I’m a real people person so building relationships with colleagues, lenders and brokers is without a doubt the best part of my role at Newsource.
Many of those I’ve worked with have become good friends over the years; it’s a very sociable role with connections at its heart.
Getting out and about is a big part of my role so we’re fortunate to have some fantastic professional networks in Yorkshire, plus UKREiiF which takes place in Leeds in May.
I helped set up Flat Cap Friday in its earlier days, which is as popular as ever. It has been great to have the UK Real Estate Investment Forum (UKREiiF) in Leeds the last few years too; we’ve made some useful connections and introductions and look forward to attending again next year.
While it has been a challenging twelve months for real estate, it feels optimistic despite the uncertainty.
We know that experienced developers and portfolio holders are keeping their powder dry and waiting for the market to stabilise before making any decisions or committing capital to new development or new acquisitions. However, we do expect to see pent up demand coming forward now that the Autumn Statement has passed. It’s certainly an interesting time to be in my role, building a portfolio and finding solutions to problems.
Our specialist knowledge of the market allows us to find a home for more difficult deals.
We are seeing more challenging conditions for brokers and their clients; some lenders have exited the market and criteria is tightening, so getting the deal done has become more difficult. However, we work with brokers and their clients to leverage our expertise and knowledge of the market, plus our relationships with lenders, to place more complex deals.
We like to think of ourselves as the brokers’ secret weapon. The relationships we have built in the market allow us to act as an intermediary; we can secure the right deal with the right lender and get the deal over the line without having any involvement at all with the client.
We will always do what is best for our clients, but we have a relationship of trust with the lender, too.
Lender appetite has been a concern over the last twelve months; new lenders want to start with a clean book but know that they do need to do something different. Again, this comes back to relationships which is at the root of everything we do, both for brokers and clients.
Technology has driven massive changes in the way that deals are done.
Many lenders are now using AVMs which means valuations aren’t always required. Most applications are processed via the lenders’ portal which is much quicker and usually less stressful for the client. Because the journey for the client is more straightforward, it means that we have more time to structure the deal. With the aid of technology, we commonly see deals being done in as little as three weeks. Auction purchases take around 28 days.
AI offers real opportunity for the real estate sector and businesses like Newsource working within the industry. How can businesses like ours, which are still so heavily reliant on face-to-face relationships, leverage the benefits while also maintaining that personal touch.
Effective communication is so important, whether you’re sharing good news or bad – an important lesson which, in my case, was learned the hard way!
It’s always best to share news quickly and with a solution in mind. If you can communicate quickly and effectively, you’ll move towards a better outcome. Unfortunately, it feels like picking up the phone is a bit of a lost skill – things like tone can be so easily mistaken or misunderstood over email and there’s really no substitute for a proper conversation.
With such a sociable day-to-day role, you’d perhaps expect my downtime to be more solitary, but I love being around people.
I relax by spending time with my wife, socialising with friends and enjoying fine dining. We’re fortunate to have a fantastic fine dining scene in Yorkshire; particular favourites of mine are The Star Inn at Harome and The Pipe and Glass in Beverley. A lovely meal and a nice bottle of wine is an ideal way to round off a busy week - although I don’t enjoy the time in the gym working it all off!
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.