Network Partner Ferrari Purchase
Network Partner Ferrari Purchase Recently we completed on a deal for a member of our network to purchase his own Ferrari. The funding required was £85,000 on Asset Finance. The deal was submitted to Paragon Bank and then Metro Bank, where it was eventually placed by a member of our in-house broker team, Matthew McCarron-Shipman. The Lender worked with us to get an independent valuation of the vehicle due to its specialist nature and completed before the weekend enabling the client to enjoy his new car that weekend. Feedback from the client – ‘Good morning! Just sending you a word of appreciation for the time you put in for this. Thanks very much indeed’
3 Recent Network Deals
3 Recent Network Deals Previous Next Above are three recent partner deal summaries from some of our current network partners, scroll through to see basic deal details and commissions earned across a variety of product areas. Want to learn more about Brokerplan and how you can generate sizable commissions from brokering commercial finance to clients? Call 0333 405 6666 to find out more or book a call with our business development team here
Case Study: Placing Quirky Cases
Case Study: Placing Quirky Cases In this case, our Brokerplan Network Partner’s client set up an SPV to acquire a residential property that will be let to a local charity to home vulnerable individuals and families on a new 10 year lease. This restricted the number of lenders who would support the acquisition as it is viewed as “reputational risk” for their lending if they ever had to serve a repossession order. The client had minimal BTL experience and required the longest term & maximum LTV possible. Our Network Partner initially began speaking with specialist buy to let lenders who are more open to lending when there are vulnerable tenants. The length of the new lease with the charity precluded them. The Partner then approached the high street banks and specialist lenders, but were declined for a number of reasons; either due to the nature of the tenants, lack of experience for the applicant, serviceability based on the rental income and also the covenant strength of the charity. Our partner was left with only one option to present to the client which was a commercial mortgage with the niche bank Cambridge and Counties. Fortunately, the terms for a commercial investment are relatively prime and the client was happy to proceed. Loan size £409,500 on a 25 year term at 4.5%+base rate. Total case income £7,595 Income split 30/70 – 70% to the Brokerplan Network.
Partner Case Study: Development Bridge
Partner Case Study: Development Bridge In this case, our Brokerplan partner was approached by a client looking to fund the build of a property in his back garden, he had no experience but he had secured planning for 2 properties with his neighbour across both their back gardens. The neighbour had funds for their part but the client did not. There were some complex access issues but we managed to get a development bridging lender to take it on faith that these could be worked around. A first charge was taken on the land with a 2nd on the client’s residence and the lender was able to raise £185k in tranche releases of money to allow the build to go ahead. The rate was not cheap at 1.35% pcm but only paid on funds drawn and there were no QS or monitoring fees. In terms of the title split and 2nd charge, the client’s bank gave a deed of consent for the title split without needing to reduce their mortgage and also gave consent for the 2nd. The complex issues meant it took months for the loan to finally come through but the lender released the first tranche of monies last week and then immediately released a 2nd tranche to allow for funds previously spent to be paid back. 1.5% commission + £750 broker fee gave a total fee income of £3,525
Welcome to the Team Fred!
Welcome to the Team Fred! Welcome to the Team! We are pleased to welcome Fred Giles the team in the role of Business Development Administrator. Freddie is our newest Kickstart employee, joining us via the government backed schemed designed to get 16-24 years olds into full time employment. Already Freddie has proven himself an asset to the team, assisting with system development and critical administrative work. We are excited to continue working with Fred and look forward to seeing what more amazing things he can do as his skills develop!
10 Questions with Network Member Jamie Stokes
10 Questions with Network Member Jamie Stokes 1. When did you join the network? November 2019 2. What was your professional background before joining? Account Manager at Asset Finance Brokerages 3. What is the biggest achievement you have ever had since joining? The best achievement I have had since joining would be the full FCA approval to enable us to be a fully authorised and regulated firm. We have had some incredible months, hired some fantastic talent and overall I am very proud of the firm as a whole. 4. What would be your advice to someone considering the Brokerplan opportunity? It’s a great opportunity to join the White Rose Finance Network and you will be provided with lots of support. The team are always on hand and happy to help with any enquiries you may have, even if it falls outside of their remit. It’s been a real pleasure being a part of this network and I will never forget the training, guidance and support that was provided to me. 5. How have you found the support from the team since joining? As above, brilliant – the team are always friendly and happy to help. 6. How has the support from Brokerplan developed since you joined? The support has improved significantly, even in the past couple of years. I feel as though feedback has not only been listened to but also actioned where appropriate. I would say it was good before, but excellent now. 7. Which product area do you focus on/has it evolved over time? We focus predominately on Asset Finance, however with the support of White Rose, we have started to focus more on Property Finance and have learnt a lot about Commercial Mortgages and Bridging Finance. 8. What is the biggest challenge you have faced in establishing your brokerage and how did you overcome it? I think it goes without saying but a massive challenge and achievement for us was making it through the pandemic after only being set up for 4 months before lockdown! It was most challenging when a lot of the funders shut their doors to deal only with arrears and payment arrangements and advising clients throughout the difficult times. We overcame the challenge when new products were announced including CBILS however this then brought its own challenges, the main one being re-educating the market on PG’s, now that traditional lending is back. 9. Where does your business come from/how do you generate leads? Cold calling! We find it most effective and create lists for our Sales Team to prospect. We also do a little bit of Networking and Social Selling but we predominately find our business by picking up the phone! 10. What is your dream holiday? Maldives
Hear from one of our network partners Özgen
Hear from one of our network partners Özgen On Wednesday the 15th of September we invited network partner Özgen Halil to joins us for a discovery webinar for potential new partners. As an Acumen Finance AFC, Özgen joined us in February 2020 after a career in business management for a cleaning company, prior to which she was a legal executive for HSBC. Özgen has been a real asset to the network ever since she arrived, being kind enough to let us ask her a couple of questions about her time with Brokerplan. What made you decide to join Brokerplan? I was looking to set up a business that I could work from home and also fit in my book writing too and after looking at several franchises, I came across Brokerplan which I found to be the best fit. I looked at various franchises and Brokerplan offered a lot more in terms of low starting up costs compared to others, dealing with the set up and the support they provide. Also being a finance broker was something I had not done before as I come from a Legal PA/Executive background and worked at city law firms for over 25 years and it was important that I was dealing with a professional company. For you personally, what’s been your most interesting case to date? So far All my cases have been interesting and I have enjoyed every one of them. Every single one of my cases have been unique in their own way with different experiences and all of my cases have been for property finance so far. How did you find support from the team at head office, particularly in the early stages? The support I have received from Brokerplan and still receive is absolutely fantastic. In the beginning I asked a lot of questions and head office always explained everything to me so that I could understand and they made sure I was fully supported throughout my cases. They helped me familiarise myself with products and procedures. They literally hand-held me through the early stages whilst I got the hang of things and to be honest I feel safe with them by my side helping me through each of my cases. Also, I have to say that the team-members are all very professional and a real pleasure to work with too. What are you most proud of since joining the network? I am really proud of how far I have come along since I started at the end of Feb 2020 (just before COVID kicked in). My business is going from strength to strength and I am getting more clients now through recommendations and referrals mostly which is great. I am also proud of myself on a personal development level as I have also come a long way from the beginning and I am much more confident when dealing with clients now. Do you have any advice for someone who is thinking of joining Brokerplan? I would say that if you are thinking of joining Brokerplan, then you are definitely in safe hands with them and their support is just fantastic. I started from scratch with no experience no knowledge of Finance or the various products available and thanks to Brokerplan with all their support, I am now confident and a professional, competent broker as a result. Also as an AR all the FCA stuff is sorted out internally for me too, Brokerplan run lots of webinars whether its with lenders for keeping us in the loop with criteria and products, or marketing tips or just extra training too which is great. What did you do before joining Brokerplan, and what skills did you bring with you to your new position? I was a Legal PA/Executive and worked for city law firms for over 25 years. I also worked ‘in-house legal’ as a Legal Executive at a bank. A lot of my skills have been transferrable in terms of dealing with clients and case handling and admin paperwork too.
Autolease – New Systems & Increased Broker Support
Autolease – New Systems & Increased Broker Support We are pleased to announce that Brokerplan Autolease have just secured a partnership with The Motor Hub. This will give our autolease advisors a platform designed for them to be able to run their own quotations, along with a dedicated support email address for help with detailed quotes and availability queries (from two main lenders being Arval & Santander). In addition to this, the Motor Hub have very strong Ford links, which we will also be able to provide our partners with the same platform for everything Ford, funded via Ford Lease. This partnership will help to secure more business, provide faster response times for customers and give greater autonomy with customer enquiries. As another value-added benefit for our partners, we have teamed up with FairSquare to bring an exciting new opportunity, which in turn will allow partners to earn further commissions. They have created a plugin to display their offers within our broker websites. FairSquare offers up to 10,000 new and quality main dealer used vehicles to choose from. Providing a range of finance options from a selection of lenders, completing the journey with safe and secure delivery of the vehicle to the customers door.
Why join a dual-authorised network?
Why join a dual-authorised network? Joining a firm with direct authorisation to carry out both commercial and residential activities opens the door to offering more products and creates more opportunities. Brokerplan is an established principal in both worlds, therefore you will gain access to over 300 commercial lenders, whole of market regulated mortgage lenders and expertise across both areas. Generally, networks will provide you with the necessary authorisation to broker commercial or residential mortgages, Brokerplan Academy will allow you to do both – Under one brand! (Or if you decide you’d rather not go through the required exams to offer regulated advice, the team at Brokerplan Academy will handle these cases for you – paying out a referral fee!) This means that you can take on a wider variety of deals, generate more income from fewer clients, and provide further support to your clients. It creates the opportunity to become a one-stop shop for your clients, meaning you can control their entire client journey ensuring they have a positive experience and the right solution for them is found. We can see this with a recent deal from one of our network partners, when a short-term ‘bridging’ loan turns out to be regulated. £675k Bridging Loan Success In this deal, the client currently has 2 semi-detached cottages with land valued at c.£450-£475k each – Because the client currently lives in one property, the deal will be classified as regulated. Any advisor who doesn’t have the necessary qualifications and permissions will have to outsource to a residential broker. However, our broker submitted this deal to our head offices where we have advisors on hand who can help. After submitting the case to Glenhawk and completing all of the necessary documentation, an offer was issued to the client which was gladly accepted. The loan was used to clear existing charges with an ex-partner and mortgage provider, and allow the owner to split the land titles and to get planning on the new title for a residential property. The total case income generated from this £675k bridging facility was £15,485.58 Want to Find Out More? To find out how you can join the Brokerplan Academy and work on rewarding client deals, call 0333 405 6666 or email enquiries@brokerplan.co.uk
Brokerplan Partner Shortlisted for Industry Award
Brokerplan Partner Shortlisted for Industry Award View this post on Instagram A post shared by Lochend Finance (@lochend_finance) We are delighted to announce that one of our Brokerplan Partners has been shortlisted for ‘Sole Trader of the Year’ award. The awards are presented by the National Association of Commercial Finance Brokers (NACFB) who are one of the prominent industry bodies in this sector. This nomination is a huge honor and well deserved by Lochend Finance who have worked very hard over the past couple of years to establish and develop their brokerage. Click Here to Read about some of Lochend’s Deals Congratulations to Stuart and the Lochend Finance team, we are wishing the best of luck to them in the awards!
