Brokerplan Recent Completed Deals
Brokerplan Network Deals £657,000 Development Site Brokerplan network partner Vast Commercial Finance have successfully raised funds for their client to purchase a development site in South London. The £657,000 deal was placed with United Trust Bank Limited. £60,000 Cashflow Facility Network partner Bowman Finance recently completed on a £60k cashflow facility with Iwoca, the deal was an unsecured capital & interest cashflow facility. The client was a family history research company that required funds very quickly to meet a redemption deadline with their existing lender and to inject cashflow into the business for expansion. £500,000 Commercial Loan Network partner STAG Capital Finance has completed on an commercial loan to fund the development of an industrial site plot and expansion of an existing self-storage facility. When complete this will generate an additional gross income of £60k per annum for the client. This deal was placed with Cambridge & Counties Bank.
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.
