Staff Spotlight: Ben Myers - Commercial Finance Manager
Introducing staff spotlights – a way for you to get to know the people who you talk to on the phone or at your development sites! Our team are our brand advocates, industry experts and our biggest assets. However big or small we get; everyone is valued and has an important story to tell. We’re starting with our Commercial Finance Manager; Ben Myers.
Frimley born Ben has been with Onyx for almost 3 years, and his main responsibilities are business development, relationship management and credit committee submissions. His previous experience is in the banking world, and his previous roles spanned retail, business and commercial. Within commercial, Ben was predominantly writing investment property debt across all use classes.
A dedicated athlete, Ben enjoys daily runs and a round or two of golf. He’s also a keen reader with interests in biomechanical science and psychology. We asked Ben why he loves what he does, and what he thinks the future holds in our industry.
What are your thoughts on the current market conditions?
Ben said: “Focusing solely on the property market, it’s been a turbulent six months brought about by unprecedented base rate rises. Mainstream lenders have been hesitant with their product leveraging and pricing, which in turn has had an adverse effect on stock levels and capital values in the market.
“Are we in a recession? The evidence is unclear. We know however that recessions are cyclical in nature and if inflation is kept under control, capital values inevitably rise long term. I’m a firm believer that good quality property in desirable areas will always demand a premium no matter the wider economic circumstances.”
How do current market conditions effect your work?
Ben said: “The rising rate of inflation and increases in base rate have had a twofold effect on our operations:
“From a sales point of view, we’ve had the highest level of new enquiries on record over the last three months - this has been a direct result of more mainstream lenders acting with caution and uncertainty.
“From a risk perspective, we’ve ensured our management of the existing lending portfolio is robust and efficient, as our property developers tackle the ever-rising costs of materials and the uncertainty around property prices.
“In summary, I think we reacted well to the market conditions of 2022, building a great sales pipeline and providing proactive support to our existing client base.”
What is the most common question you are asked from clients?
Ben said: “The most common questions are in relation to new acquisition opportunities, and whether Onyx have the appetite to support with a line of funding. Every opportunity is unique and has its nuances, which adds a great deal of variety to my every day.”
What do you think is the future for the property market?
Ben said: “In my opinion the property market will go through a period of significant change in the next decade. The recent advancements in artificial intelligence (AI), machine learning and blockchain technology make me curious how this could affect the future of the property market. For example, will AI be continually imbedded into lending decisions and portfolio risk management? Could blockchain be utilised to increase the efficiency of conveyancing in the UK legal system?
“I think technological progress will play a critical role in the short-term future of the property market, hopefully boosting the efficiency of property transactions and providing a greater range of choice to consumers.”
How do you feel Onyx is different from its competitors?
Ben said: “We are unregulated and self-funded, allowing us to operate with a great deal of flexibility and speed when it comes to deal structuring. Subject to complying with the necessary AML requirements, theoretically there is no market or jurisdiction Onyx couldn’t lend money to – this makes us a unique proposition compared to our competitors.”
What do you like most about working at Onyx?
Ben said: “The evolution and growth of Onyx as a business. Creativity is heavily encouraged here, and it’s a privilege to be involved with a business that strives to be innovative and disruptive at any opportunity.”
What aspect of your career do you like the most?
Ben said: “The people - every individual has a different approach to business and life. Building relationships with clients and supporting their aspirations in business is a hugely rewarding process.”
Onyx Money is proud to be growing from strength to strength, and with this growth we have seen great talent come through our doors and become valuable members of our development finance, commercial lending and bridging loan teams. If you would like to be a part of this team, apply for one of our vacancies here.
