The new members are Mark Abrahams, chief executive of West One Loans, Andrew Bloom, managing director of Masthaven, Christian Faes, managing director of Montello Private Finance, Allan Kay, head of operations at Cheval Bridging Finance, Steve Marsh, managing director of Goldentree Financial Services and Mark Posniak, head of marketing and operations at Dragonfly Property Finance.
Benson Hersch, chief executive of the ASTL, said the committee plans to have its first meeting in early September and intends to discuss the recent exchange with the Financial Services Authority over the use of retained interest calculations among other matters.
Many leading lenders in the bridging sector are keen to see the ASTL come up with a code of best practice for the sector.
Mark Abrahams of West One and a new committee member said he would be pushing this agenda at the first meeting.
He said: “Joining the board gives me the opportunity to help the ASTL enhance the reputation of the bridging industry.
“The outside world needs to see that bridging is professional, responsible and a source of finance that is here to stay. That’s why I’ll be pushing hard for the introduction of a voluntary code of conduct to help improve professional standards.”
And Christian Faes from Montello said: “There seems to be a sense of renewed vigour with regards to the ASTL. There has been a change from the old guard and I am hopeful that the association can now move forward and become a meaningful force in the short-term lending industry."
Andrew Bloom meanwhile said he was delighted to be re-appointed as an executive director of the ASTL and he added: "The trade association has made considerable progress over the last couple of years but there is a great deal still to accomplish. The bridging industry continues to grow and it is vital that there is a trade association in place that continues to push standards up.”
Abrahams also said he and the ASTL board should ensure the trade body becomes more inclusive.
“It needs to protect the interests of the whole industry rather than a select few. I’m looking forward to doing all I can to help,” he added.
Other members were unavailable for comment.
