We’re introducing you to our regional BDMs so you can learn more about the opportunities in their area and ways to connect with them.
For this week’s deep dive we are focusing on Scotland, and our Scotland BDM Peter McDermid, who’s been with us for four years. You can email him on: [email protected], connect with him on LinkedIn or call him on: +44 (0)77 1775 2125.
How long have you been in the industry?
I started with HSBC 03/08/1998, a memorable day as it coincided with the birth of my first son!
I spent many years working in commercial banking before moving into the challenger lender sector seven years ago. I am very pleased to have been the BDM for LendInvest in Scotland for the last four years.
When did you start working in/living in your region?
I was born in Edinburgh and have lived in Scotland all of my life. My family and I have been in West Lothian for the last 10 years. This is an ideal location for me as I spend a lot of time in Edinburgh, Glasgow, Perth etc.
The central location makes commuting to meetings easier.
What’s your favourite thing about the region?
I could go on for days about the beauty of this region; from the bustling cities to the beautiful countryside, but the best thing about the region for me as a BDM is the people I deal with.
I have strong relationships with my broker contacts and I’m looking forward to getting out and meeting up with them again soon.
What have you learned about it since working there?
Having worked in the industry for more than 20 years, I have learned a fair bit about the Scottish Property Market. I travel all over the country and see different trends in each area.
One location may be perfect for one investor and of no interest to another working to a different investments strategy. The variety of the deals is what keeps this role interesting.
Recently, I have enjoyed learning more about the North of England as I regularly meet with brokers in that area to discuss new deals and to visit sites we have already funded. The benefit of local knowledge is very valuable when assessing new deals.
What are some of the challenges?
Establishing LendInvest as a new lender in Scotland was a challenge as there are some very well established competitors in our space.
The team has risen to the challenge and four years on we are on our way to becoming the funding partner of choice for our brokers.
We have adapted and enhanced our product range over time and have a full suite of products to suit our investors. We have funded a number of high-profile residential development schemes and helped deliver hundreds of new homes across Scotland.
What are the opportunities in the region that you are seeing?
We continue to see good demand for residential BTL properties in Scotland. Investors (UK wide) look to this market as a good opportunity as the property values are relatively low and there are good yields to be achieved.
Add to this that average values increased by 3% last year, the attraction for investors is clear. An economic downturn has been predicted by many commentators and if this is to be the case, it will represent challenges for the housing market.
This may be a time where investors look for opportunities to buy. We can assist with our award-winning bridging and BTL range. We have excellent options to suit investors either looking to buy and flip or retain.
To get started on your next deal or property project, visit our product page to see our rates and get an instant quote.