Brokerplan shortlisted for Award
Brokerplan shortlisted for ‘Broker Network of the Year’ Brokerplan Academy are delighted to announce that we have been shortlisted for ‘Broker Network of the Year 2022’ in the National Association of Commercial Finance Broker’s (NACFB) annual broker awards.
Recent Network Deals
Recent Network Deals £357,000 Village Pub Refinance One of our partners Jupiter Commercial Finance has successfully completed a commercial mortgage for their client, with lender Allica Bank! – The deal was a refinance of a village pub to clear a personal mortgage. £20,000+ Restaurant Refurbishment One of our partners has completed on an asset finance deal for a business trading just over 2 years. The client was looking to invest in furniture and equipment and increase capacity. We used 4 different suppliers on this deal so the customer has the flexibility to choose kit from their desired suppliers but can finance it all under 1 agreement with 1 monthly payment – This makes it easy for them to manage. £265,000 Refinance of Care Home One of our partners has completed on a refinance of a care home on the Isle of Wight, reducing the client’s interest by a third. Lender JMT went out when all others declined and provided a bespoke solution with further drawdowns for the client, a few ups and downs but after 14 months it completed.
Welcome to the Team Cilla
Welcome to the Team Cilla Shackleton Regulated Training Support Manager. Cilla has spent over 15 years in financial services mainly in the mortgage and protection space. She has worked in the residential mortgage market, estate agency and broker environments. This broad range of experience gives Cilla a great understanding of the mortgage market from all angles. Cilla will be a great asset for you, the network, in helping to guide you through the often changing and complex mortgage market.
Commercial Property Education Programme
Commercial Property Education Programme The Financial Intermediary & Broker Association (FIBA) and the Association of Short-Term Lenders (ASTL) have given the green light for the framework of their commercial property finance education programme, the details of which will be launched in October. Partners who join Brokerplan are provided with training including a business launch programme, ongoing regular webinars, live Q&A sessions, access to tools to ensure continuous professional development (CPD) and, technical training from lenders, and service providers (including systems training). With training being such a critical part of our business, Brokerplan MD John Kent is delighted to have been confirmed as one of the authors of the education programme to be written in conjunction with LIBF (London Institute of Banking & Finance) and work starts in earnest on the writing in August. View the article here – https://bridgingandcommercial.co.uk/article/18553/fiba-and-astl-confirm-framework-for-industry-education-programme
2 Buy-to-Let Remortgages
2 Buy-to-Let Remortgages One of our network partners recently completed on 2 buy-to-let remortgages of properties that were unencumbered and in ownership of a previously trading Limited Company. The customer wanted to release equity from these properties to enable further property purchases. The total borrowing was £400,000 across the two properties, on a 25-year interest-only term. Due to the properties being owned in a previously trading company, now using a rental SIC code rather than an SPV set up purely for property ownership and rental, lenders were significantly limited. The best rates were offered by Lendinvest and CHL Mortgages, with LendInvest’s product being a ‘Green’ deal, suitable for properties with an EPC rating of A – C. One property’s mortgage went to LendInvest as it had an EPC rating of C, the second went to CHL Mortgages as it did not fit the green product, having an EPC rating of D. “Whilst the delays attributed to the legal issues were frustrating, the client was delighted with the rates we managed to secure and very happy with the overall outcome.” James Bradney Acumen Finance Both mortgages were granted AIPs and the applications progressed, however, there were significant delays during underwriting due to lenders SLA’s slipping due to demand and valuations. There were then further delays due to the remaining lease on property which had been extended, however, due to the impact of the pandemic, things are moving very slowly with solicitors and land registry this had not yet been reflected. This caused the offer to be issued ‘subject to the lease extension being confirmed’ which further delayed completion. This highlights the strain the on the industry as a whole with record numbers of applications being received and the follow-on effect that this has throughout the whole mortgage path. The commissions paid out to our network partner on these two deals were £957 and £807. To find out how you can broker commercial finance products and generate commissions – Visit www.brokerplan.co.uk/contact-us or call 0333 405 6666 to talk to our team.
Semi-Commercial Premises Purchase
Semi-Commercial Premises Purchase One of our network members recently completed on a £300,000 semi-commercial mortgage for the purchase of a business premises with attached rental accommodation. The loan required was £221,250 on a 10-year interest-only period. Initially, high street and challenger lenders were approached as the property is part owner-occupied / part investment, but the financial accounts were not strong enough. It was then decided to change the application structure by purchasing in individual names, then leasing to the company and a private tenant upstairs, however, the client had no commercial investment or recent Buy-to-Let experience. Following a slight down valuation and the Energy Performance Certificate (EPC) being below the minimum standard for letting, the client negotiated the purchase price down with the vendor and took on the cost of getting a satisfactory EPC assessment himself prior to completing the purchase. The lender chosen was InterBay due to their flexible criteria and willingness to work with the client’s situation. The client was offered a 10-year interest-only semi-commercial mortgage with a rate of 4.99%. The network partner received over £3.3K in net commissions! To find out how you can broker commercial finance products and generate commissions – Visit www.brokerplan.co.uk/contact-us or call 0333 405 6666 to talk to our team.
Advice for new brokers
Advice for new brokers – Here’s what our partners say We asked 4 of our network partners what the most important thing to know when you become a broker is. Getting started on your own, whether you have experience or are completely new to the industry, can be challenging and sometimes lonely without the right team behind you. With our blended learning experience, consisting of both online and in-person training sessions, Brokerplan supports you from your initial business set-up all the way through to becoming an established broker. Once you are fully trained our experienced team of relationship managers continue to support you with accessing lenders, structuring complex deals and just to be a friendly voice on the end of the phone. We also host regular webinars with lender (breaking down new products and sharing best practice on how to access and market to high demand sectors), additional in-person refresher training sessions, and our annual network partner conference, where you can chat to the head office team and other network partners face to face. But what should you expect when you become a broker? Here’s what our partners say: “Don’t be afraid to get told no – even if a lender won’t do a deal, you’ll know for next time & will make you a better broker, oh and you are worth your broker fee!” Mark Everard Michael’s Commercial “Make sure you have a plan of accessing clients. Generating business is the hard part. Brokerplan gave me an entry into the market.” Harry Singh Veer Capital “My advice would be to have a plan for what you want to achieve (business type, income aspirations, lifestyle etc) and discuss it with the Brokerplan team to make sure it fits. In my experience, they’ll give you honest and valuable advice. Once you have that plan – implement it doggedly. Be flexible but also be prepared for high and lows and don’t expect success to be a given. However, with work – it can be a fantastic opportunity.” James Wallis Aben Financial “Think carefully about what support you may need day 1 and ask for it. In my case, I decided to spend those initial quiet weeks networking and educating myself. For professional development and interest only, I studied for CeMAP. Whilst this is not in any way a requirement to be successful as a commercial broker, it did give me a wider appreciation for the world of finance having had no previous experience. I have since used this qualification to expand my offer to clients but that was never really the intention. More important is to work out what you don’t know and then go and find out, the (Brokerplan) team can support this.” Chris Cullen Lunaria Finance Want to know more? Join us for a Discovery Webinar View Upcoming Events
100k Business Loan for SME
£100k Business Loan for SME One of Brokerplan’s network partners Amil Parikh of Acumen Finance has recently closed a 100k business loan with lender IWOCA. The client in question is a UK SME limited company, providing heating and plumbing services, who have been trading for over 10 years. They advised that they required funding to free up cash flow for business payments coming up in the next few months. The deal was submitted to a number of business finance providers but ultimately settled with IWOCA who offered the best solution for clients’ specific funding requirements. IWOCA issued terms on the 4th and the deal paid out on the 6th – A swift turn-around for the client. To find out how you can broker business loans and other commercial finance products and generate commissions – Visit www.brokerplan.co.uk/contact-us or call 0333 405 6666 to talk to our team
2022 Network Conference
2022 Network Conference The Belfry Hotel, Monday 16th May 2022 Brokerplan held it’s annual conference this year at The Belfry Hotel in Birmingham. The event was attended by Brokerplan staff, our network partners and a selection of our lenders. The day kicked off with introductions from managing director John Kent and operations director Simon Burke, this was followed by a welcome from headline sponsor Allica Bank. The day held networking events, an hour-long session with speaker Duncan Stevens and the main event an Expo where our network partners could get to know the lender BDMs in attendance. The day wrapped up with dinner and evening entertainment including giant scalextric, driving simulators and a Batak reaction game.
Welcome to the Team Sam
Welcome to the Team Sam We have recently appointed Sam Peel as a Relationship Manager, joining our commercial team. Starting his career in business banking, Sam then moved into asset finance in 2015 working for a finance broker, then a direct lender before most recently co-running a finance brokerage. He has over 9 year’s experience in the finance sector, and day to day at White Rose he will be structuring and packaging deals on behalf of you, our network. Please give Sam a warm welcome when you do speak to him and reach out to him should you require any support.
