23 December 2020

Looking back on the year - Principality Commercial

In light of the challenges faced by Commercial borrowers during the pandemic, we’ve been busy continuing to provide a standout service for our customers, helping to keep business running as usual and adapting to a new way of working. We’re proud to have been able to provide various levels of support to around a third of our customers that specifically requested it, whilst continuing to provide a ‘business as usual’ service to those customers who were able to keep operating during the pandemic. Despite many challenges, there have still been many highlights for the Commercial team this year.

At the start of the year we were delighted to see three colleagues promoted to Assistant Portfolio Managers. Sarah Lavender, Maria Elias and Charlotte Vick have been managing their own portfolios of smaller scale commercial customers. Also during this time we have welcomed new colleagues to the team, David Brown joined the Underwriting Team as Senior Underwriting Manager, Kate Davies and Tracey Rees as Support Officers and Caroline Mitchell became Commercial Support Manager. Some of these colleagues joined us since we’ve been working from home, which has meant their induction and training programme has been very different from what it would ordinarily have been. Despite this, the team has made fantastic progress and we’ve continued to provide the stand out service our customers expect.

Cerry Middleton also joined the team in late 2019 as Project Lead Manager, and is responsible for the ongoing LIBOR project for Commercial, which has gathered pace over the course of the year. Cerry is also responsible for looking at how we can simplify the way we do business, streamlining some of our historic processes, which has improved our efficiency and processing times.

Commercial lenders have an important part to play in addressing the issues caused by climate change. During 2020 we have developed an ESG strategy which we plan to launch in 2021. We know how important it is to support developers and investors in reducing the carbon footprint of their buildings and we have a suite of products currently being designed to address this important area.

The team were proud to learn that Peter Hughes, Managing Director, Principality Commercial, has been awarded Commercial Personality of the Year by Insider.  This was a fantastic achievement and wonderful recognition of the contribution Peter has made local in the market.  Peter received many messages of congratulations from professionals and customers alike in the following days, which truly indicates the respect he has in the local business community. 

The awards, which were held virtually this year due to the coronavirus pandemic, commended a variety of individuals, developers, housing associations, professional firms and funders making an impact in the property industry in Wales. Principality Building Society was also shortlisted for the Lender of the Year category.

Our team has ensured that the plans and ambitions of Welsh housing associations continue to be fully supported. The recent completion of another £10 million mandate from the Affordable Housing Fund to Family Housing Association means the development of more affordable housing in South and West Wales. And, in line with the Welsh Government’s housing agenda, the funding will enable plans to develop low carbon homes of the future. Based in Swansea, Family Housing Association already manage over 2,800 quality affordable homes, as well as providing tenant services. 

The Mill site in Canton, Cardiff continues to move forward positively. Following the refinance of 102 affordable homes to M&G, we’ve seen completion of the second phase, of 78 affordable homes. What’s more, discussions are already underway for funding an additional 105 homes. 

The team spent the whole of October aiming to walk and run 2020km to raise money for our charity partners. However, because of the enthusiastic efforts of the entire team, we changed the challenge mid-way through – from 2020km to 2020 miles! Since the challenge ended on the 1st of November, we’ve witnessed some last minute donations roll in and can now say that the challenge has raised over £10,000. Matched with Society funding, we hope this will make a big difference to the charities we support and their hugely deserving causes. These causes were highlighted in some of the feedback received from our charity partners that we thought we should share, as it really brings to life the reasons for taking part in events such as this.

“People with dementia have been amongst the worst affected through this pandemic, and we’ve heard heart-breaking story after heart-breaking stories from families who are just doing their best to survive. Every soggy step you walked, kilometre cycled and cake baked, inspired friends, family and colleagues donate at a time when every pound raised really is critical. 

I cannot thank you enough for your incredible efforts. The funds you’ve raised will be restricted to our Dementia Connect service in Wales, and will go a long way towards supporting people in your communities that are living with dementia. 

You went above and beyond when we needed you most, and you are all absolute heroes. Diolch yn fawr” – Stacey Hawdon, Senior Corporate Accounts Executive Alzheimer’s Society Cymru.

Published: 23/12/2020