This week, Specialist Lending Solutions is speaking to Sadiq Patel, business development manager (BDM) for LHV Bank.
Which locations and how many advisers and broker firms do you cover in your role at LHV Bank?
Primarily London and the South East, but I will go wherever the client needs me to go.
Equally, I have eight regularly referring brokers.
What personal talent/skill is most valuable in doing your job?
Likeability and in-depth sector knowledge of the commercial and small-to-medium finance sector.
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What personal talent/skill would you most like to improve on?
My patience and the ability to educate our clients in terms of business development.
What’s the hardest part of your job?
Business development.
What do you love most about your job?
Bringing on new high-quality clients and debt for the bank.
What’s the best bit of career-related advice you’ve ever been given? Who gave it to you?
“You can only control the controllables” – Kevin Barrett (Metro Bank) and “It is what it is – Trevor Adams (Barclays Bank)”.
How do you keep up to date with developments in the market?
Read market reports on sectors, banking, finance and the economy. I keep up with the trade press and attend as many events as I can.
What is the most quirky/unique property deal you’ve been involved in?
That’s a tough one. I’ve been pondering this question for a few days. I have been fortunate not to have quirky real estate deals.
Tell us about your trickiest case – what happened and how did you resolve the problem(s)?
I had to assist an abattoir business in the middle of a dense residential area. I needed to understand why the business was located in the area, the environmental considerations, any transport issues, get inside where the asset value was for the potential buyers and then structure the report accordingly. It was also important to consider exit strategies, next steps if rent and income dropped off and how the bank would be repaid if that happened.
What was your motivation for choosing this career?
I enjoy the balance between meeting clients, understanding their needs, then sitting in front of a computer analysing the deal situationally and writing up the summary.
I also enjoy lending money to good-quality clients to help them grow their businesses.
If you could do any other job in the property sector, what would it be and why?
I would like to set up, own and manage houses of multiple occupation (HMOs). I think HMOs have a bad reputation, but when set up and operated well, they can be a good source of income, a safe and quality loan for banks and provide affordable (and profitable) accommodation for individuals who cannot afford to rent complete apartments and/or houses.
What did you want to be growing up?
A pilot.
If you could have one superpower, what would it be?
Listening to people’s thoughts.
What is your strategy for tackling challenges?
Take your time to understand the challenge. Think. Come up with multiple solutions. Leave it alone for a while and then go back to it with a fresh mind.
What is your greatest skill(s), either work- or non-work-related?
Resilience.
And finally, what’s the strangest question you’ve ever been asked?
How often do you shine your shoes?
