Q&A With Lance Joseph, CEO and Principal of Iron Bridge Finance
How did Iron Bridge Finance Come to Be?
The business started in 2009, I had a history of building a small business and taking it public selling to a fortune 500 company. We were supplying building materials, predominantly electrical materials and hardware items going into building sites. With this skillset and relationships formed in the industry we started investing into Mezzanine and Equity Financing.
Who is Equity Finance for?
Equity Finance is for experienced developers to sit alongside the senior debt from a bank allowing developers to make a higher profit on their transactions.
What is the difference between Equity Finance and Mezzanine Finance?
They are very similar, they are both designed to enhance a developers profit on a deal. The difference between the two is simply the calculations on how they’re worked out.
Who is your ideal client?
Our ideal clients are those whom we’ve worked together for many years, experienced developers that we can work with, have fun with and where there is a high level of trust which goes both ways.
What are the goals for the business?
Really we would like to continue with the success of the business and to build on our great brand and reputation.
Could you describe Iron Bridge Finance in Three Words?
Professional, Trust-worthy and Experienced
What would you say makes a good lender?
Professional, Trust-worthy and Experienced – all the things which make Iron Bridge Finance a great company. Being able to support developers with great scheme so they’re able to continually build and complete great schemes alongside ourselves.
Where do you see the future of development finance?
It will continue as is and hopefully continue to expand as there is a mis-match between supply and demand of housing so we are well-placed to support developers bring new schemes to the market and provide much-needed housing in the UK.
What is your approach to building relationships?
Trust is absolutely essential. We wouldn’t be able to do business without this key ingredient. Alongside this is professionalism and ensuring we conduct ourself in a way that puts developers at ease and they know that they are in safe hands. Above all of this however, we feel it is important to be able to have fun and enjoy working with our developers as we spend a large amount of time talking to them and communicating with them so we want to make this part as enjoyable as possible.
How much has Iron Bridge Financed to date?
We have funded approximately £300m in Mezzanine transactions over the years which probably equates to a few billion pounds in developments and GDV over the years
If Iron Bridge Finance was a Celebrity who would it be?
We aspire to replicate the Dalai Lama because of his wisdom but in a business sense we would want to be someone the most trustworthy so I would say Tom Hanks.
What would Iron Bridge Finance’s dream deal look like?
The dream deal is with the right partner and the right senior that allows everyone to make fair returns and encourages the developer to use us again and the senior again.
What is the Project Success Team?
The Project Success Team are about running projects successfully both internally but also externally with the developer to ensure everything runs smoothly and ensuring an outcome that all parties are happy with.
What is the ethos of the business?
The ethos in the business is about being professional but more importantly, you spend most of your life with your colleagues at work so having fun is critical at work and in your working relationship but also being able to trust your co-workers.