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.
£1.5M Portfolio Refinance
£1.5M Portfolio Refinance One of our Brokerplan partners recently completed a refinance on a property portfolio of 4 semi-commercial buildings in London. The loan totaled £1.5 million and was placed with a high street bank. A slight hurdle was able to be overcome, there was some difficulties with tenant arrears due to Covid, however, the lender took a flexible approach. The total commission received on this case was £11,250 – With £5,625 going directly to the Brokerplan partner who introduced the deal! To find out how you can generate commissions like these, join us for an upcoming webinar! You can view our upcoming events here
Brokerplan are exhibiting at The IFS Show!
Brokerplan are Exhibiting at The International Show Come and see us! Brokerplan Academy will be attending The International Franchise Show at ExCeL London on the 8th & 9th April 2022 You can visit our business development team on Stand 340 Registration Link
Partner generates nearly 3x their initial investment on 1 case
Partner generates nearly 3x their initial investment on 1 case One of our network partners recently completed on a £2.6 million bridging loan for one of their clients and generated nearly 3x their initial investment in commissions! The clients in this case were looking for finance to clear their existing debt with Barclays and to provide cashflow to allow them to put into motion some expansion projects they had been looking to make – The clients owned a 380-acre working farm worth C.£6.5 million and were looking to expand their dairy and sheep heard. The Brokerplan network partner identified that a short-term 12 month ‘bridging’ loan was going to be the best for their situation and need for cashflow boost. They then approached funders UK Agricultural Finance and Folk2Folk for initial lending terms but eventually settled with the latter due to the product fit and the client’s need for speed. The Brokerplan partner succeeded in getting the £2.6 million deal in place for the clients and generated £36,800 in net fees, nearly 3 times their initial investment in Brokerplan. To find out how you can generate sizable commissions on deals like this and a range of other financial services, get in touch with our business development team to find out more! 0333 405 6666 or submit an enquiry
Welcome to the Team Sophie
Welcome to the Team Sophie! Welcome to the team! Sophie has joined the Brokerplan Academy team under the apprenticeship scheme as a financial administrator, in our busy accounts function. Helping to oversee commissions coming into the business and allocating accordingly, Sophie has been a great addition to the team!
