Partner Receives Doubles Their Initial Investment In Three Deals
Partner Receives Doubles Their Initial Investment In Three Deals Network Partner Generates £37k in fees on case submitted within a few months of Brokerplan Training. Having completed the training programme in April, this £2.61m refinance case was submitted in July when the development was completed. Originally funded by Aldermore (without involvement of the practice) the re-finance facility was put in place in time to save the client a 2% penalty fee which was in excess of £50k and generating almost £38,000 in gross fees. The loan, a £2.61m buy to let portfolio loan, was agreed by Metro Bank on a 2 year fixed rate of 3.74% which was discounted below the normal buy to let rate (of 4.09%) and funded the remaining 11 flats within the development of 18 units (7 sold) in Essex. Despite the usual challenges associated with property refinance including a (now overcome) dispute as to whether building regulations had been formally approved, the finance was drawn 10 weeks after submission in time to prevent the client incurring the penalty fee. Huge credit must be given both to the hard work and tenacity of the AR and the commitment of the BDM at Metro Bank who were often talking 2-3 times per day while the case was successfully brought over the line. When combined with other completed cases Mark (AR) has now more than doubled the investment made in Brokerplan less than 6 months after he trained and in his first 3 x completed cases. “I can hand on heart say after the effort over the last few weeks I’ve earned my fee on this one!” said Mark on the Friday the case completed. When asked about his experiences since joining the Brokerplan Network, Mark responded as follows; “I enquired about broker plan as I come from a Residential mortgage background so have always been part of a network but struggled to find a commercial finance network comparable to those residentially. Having done my research prior to making contact I didn’t know what to expect but as soon as I spoke to John Kent prior to the open day I was impressed with the way the business is structured with a solid training scheme, various packages for launching your business and assistance in placing cases has made the transition from residential finance to Commercial much easier than I anticipated. The biggest plus of being part of the network is the help placing cases as the levels of experience and knowledge available at head office from Peter, David, Nikki, Steve and the rest of the team is second to none and am sure will continue to prove invaluable going forward.” Well done and huge congratulations to Mark for making a success of the opportunity so quickly, the hard work (and indomitable tenacity) has paid off.
New Case Manager – Peter Leonard
We are very pleased to announce the addition to the Operations team of Peter Leonard who will be employed as a senior case manager. Peter will be a great addition to the growing team, bringing in specialist banking knowledge and a wealth of experience in the commercial and residential property sector. If not already, we are sure a lot of you will be speaking to Peter about your clients and cases so rather than speak on his behalf we thought it best to let him introduce himself to the network.. Resume “Prior to joining Brokerplan my roles were as a Commercial Lending Manager with over 36-years of experience within the corporate/commercial Banking sector, 29 years of which were spent working for Lloyds Bank. During this time, I successfully completed the professional banking exams becoming an Associate of the Chartered Institute of Bankers in 1990. In 2011 I joined Handelsbanken as a Corporate Manager, establishing a new office in Wetherby, West Yorkshire. Immediately prior to joining Brokerplan I worked for 4-years as a Real Estate Lending Manager at Aldermore, specialising in complex Buy to Let, Commercial Investment and Commercial Owner Occupier proposals. My initial responsibilities will be to concentrate on those real estate/property transactions for investment and owner occupiers but I will of course be there to assist with all forms of business lending. Personally, I am married to Sarah and have no children, but do have a 30-month English Springer Spaniel who requires a lot of exercise!! In my spare time, I enjoy walking (with the dog), travelling, and generally keeping fit having completed a number of half marathons as well as undertaking a number of Triathlons in the past. I enjoy watching most sport but especially Rugby Union. I look forward to working with all of the Authorised Representatives within the White Rose Finance Group in assisting them to help meet their client’s financial needs/requirements.”
Case Study – £10,680 In A Week
Case Study – £10,680 In A Week PARTNER GETS PAID £10,680 COMMISSION IN ONE WEEK Last week one of our Partners closed 9 deals within 7 days. The total commission generated from these cases totalled more than ten and a half thousand pounds. The deals mostly consisted of Asset Finance deals and Business Loans – Which the partner specialises in. These product types sometimes overshadowed by larger facilities, however, as this example demonstrates, they can be very lucrative. For guidance on how to submit asset finance cases please refer to the Brokerplan ‘case submission aide memoir’, which can be found on the partner resource portal. If you have any further questions about asset finance then please get in touch. Interested in becoming a Brokerplan Partner? email info@brokerplan.co.uk or call 0333 405 6666
Case Study – Amber Estates
Case Study – Amber Estates Deal of the Week Approached by a letting agent to refinance a mixed-use property in Shepherd’s Bush, London at 55% LTV would on the face of it seem straightforward, however… The two retail units were a trading restaurant and a Kebab takeaway with associated noise and smell affecting the marketability of the 7 flatsThe council were under the impression the upstairs comprised 2 maisonettes, not 7 flats so the permissions to let had to be considered.The client had a business loan that used this property and multiple other properties for security and this bank couldn’t tell the client how much money they needed to release this security.The client was extremely difficult to speak with, spending a lot of time abroad or incommunicado!Liaising with the two lenders that held charges on the asset, the bank, the client’s solicitor and the surveyors we finally persuaded the bank to fund not just the debt on the property but to but raise sufficient funds for the client to buy the freehold of another business he was “running”. A loan of £1.1m earned a total income of over £20k. The associate who introduced this, therefore, saw his first deal pay out over £10,000.
