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
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.
£50k in 50 Days
£50k in 50 Days The commercial finance sector is renowned for generating eye-watering fees on single deals. Indeed, gross earnings of £100k+ are a regular feature, but of course, these deals are well sought after, and for those new to the industry difficult to land. The majority of commercial brokers establish themselves by developing a pipeline of smaller cases to build regular income and hope to close the bigger deals as a bonus. With a strong enough deal flow, the revenue stream can pay significant dividends from multiple, smaller deals across various products as this news story illustrates. Brokerplan network partner Stuart Cruickshank, who runs Lochend Finance from an idyllic location west of Glasgow is an experienced finance professional who joined the network in August 2019. Stuart was one of those who were quick to identify and maximise the opportunity presented by the changing environment created by the COVID pandemic. Building on his early success since joining, Stuart recently completed on £50k gross commission in under 50 days. This demonstrates the value in a working as a proactive broker who drives deals forward using the commercial finance opportunity available through the Brokerplan Academy. The breadth and diversity of the deals, spanning a range of solutions, is evidence of the unparalleled lending panel available to the Brokerplan commercial network. Many of the loans were part of the government’s CBILS scheme, designed to provide SMEs with financial support during the pandemic. Being able to react positively in challenging times and keeping up to date with the latest products is essential in providing the best client advice which is exactly what Stuart has achieved. In doing so, he has generated an average £1000 per day for 50 days – a genuine win/win.. well done Stuart. New van for a furniture refurbishment business £15k on a 5-year Hire Purchase deal – £450 Purchase of £125k second-hand crane 3-year Hire Purchase (CBILS supported) – £3750 CBILS loan for professional services firm – £200k on a 5-year loan term – £4750 CBILS loan for IT firm – £187k on a 5-year term – £4441 Purchase of scaffolding for a business £30k 3-year Hire Purchase – £3000 Purchase of a used food trailer for a business £26,800 3-year Hire Purchase (CBILS Supported) – £798 Purchase of 2 nearly-new motorhomes for a motorhome rental business – £68,175 5-year Hire Purchase – £2727 Regulated bridging loan £129,500 for 6-month term – £3189 Property Development Loan £560k on a 12-month facility – £15149 Limited Company Buy-to-Let – £75,684 on a 5-year fixed rate – £1974 Purchase of 6 used campervans £95k 5-year Hire Purchase – £4750 CBILS Term Loan £150k – £2250 CBILS Term Loan £76,834 – £1806 Purchase of a Motorhome £20k – £1000 The gross commission generated by broking these deals totalled over £50,034 “I personally find having a mix of business works best for me. Having Asset Finance transactions that turn around quickly helps with cash flow as the property transaction can take a number of months. It also means that not all my eggs are not in one basket and I can be flexible and adapt to changing market conditions and customers’ needs.” Stuart Cruickshank Lochend Finance Lenders Brokerplan network partners have access to an unparalleled whole of market panel of over 300 lenders. A selection of the lenders providing funds in these cases include: Hampshire Trust Bank, Funding Circle, United Trust Bank, Praetura Finance and more… Lead Generation There are multiple ways in which finance brokers can generate leads, and relationship building is at the heart of almost every successfully closed deal. Leads for these cases came from a variety of sources, including: BNI networking meeting, repeat business, returning client, client’s IFA, LinkedIn, client’s architect, referral from another Broker, client’s accountant. The Opportunity If you are interested in joining the 1 million professionals operating in the £132bn financial services sector, the Brokerplan Academy is an excellent place to learn the ropes. Want to learn more about Brokerplan? Call 0333 405 6666 | Or email info@brokerplan.co.uk
Partner Closes First 2 Deals
Partner Closes First 2 Deals Martin Cook of Exel Finance is an AR that started with the network last year and even he won’t mind admitting that his has been a steep learning curve. He has however thrived from being able to self-manage some of his own cases and with a genuine dogged sense of never giving up this has helped him to close two deals that other brokers would have let slide. An established property development company in Lancashire A property development company that needed to obtain a loan as a result of sales of new build homes being delayed. The development project consisted of 3 high quality executive homes that had experienced massive delays due to COVID. They had received an offer of a CBILs loan from Oak North but the terms required 90% of the loan to be repaid on the sale of the first home, which was at that point only about one month away, which was not acceptable to the company. Martin read that Merchant Money might be willing to consider a CBILs loan on better terms and put an application to them for a secured CBILS loan. Martin received the support of Nick Newton, the BDM and also the CEO of Merchant Money who requested a zoom call with Martin to review the application. The loan was offered and completed quickly and gave the clients the £330,000 they needed. This was such a ground breaking loan for Merchant Money that as a result of this loan case they created a new product based on a developer exit bridge and have successfully gone to market with this. An established construction company in Lancashire This company was referred to Martin having approached their own bank, HSBC, for a CBILs loan. The bank’s decision was that the client could not afford to service a CBILs loan because of a loss in their latest accounts. Reverting with projections of contracts secured and a positive cash flow projection, the bank then concluded that the client didn’t need a CBILs loan! That is when Martin got involved. The case was Presented to 3 lenders: Iwoca, Funding Circle and Nucleus, who each in turn declined the case. Martin presented the case again to Merchant Money backed up with facts and figures as to why the company’s loss was not an accurate indication of its past trading history or future potential. Many questions were asked and Martin responded to every question and query put to him by the underwriters thoroughly and completely which eventually persuaded the lender to take a view and finally the credit team approved the loan for £250K. The client was delighted. Both the above were CBILS business loans that completed with Merchant Money and in the words of Nick Newton their BDM “ …. it really Is worth highlighting Martin’s efforts on these – even my underwriter commented on the thoroughness of answers and the overall packaging and I’ve never heard him say anything positive!” In addition, it’s worth noting that both the deals had a broker fee charged to the client on top of the lender’s procuration fee and a very healthy combined income on both these deals was achieved.
£14k in a Week with Bridging Finance
£14k in a Week with Bridging Finance One of Brokerplan’s established partners Mark Everard of Michael’s Commercial Finance closed three bridging finance deals last week which earned them £13,829.50 in net income! These cases included: A regulated bridge for an elderly couple looking to downsize and move closer to their children – Their current property had not yet been sold and so the existing property and the new property were taken as security. This allowed them to secure better rates with a reduced loan-to-value (LTV) and allowed them to use the sale of the existing property as the repayment for the loan. Income – Broker Fee £1,500 & Proc Fee £4,009 A property purchase at auction with the client’s existing property portfolio to be used as additional security on the loan. With the client needing to complete within 3 weeks or risking losing the property, timing was key. The facility was arranged and completed within the given timescales and the client was able to continue with the purchase. Income – Broker Fee £2,469 & Proc Fee £5,292 A regulated ‘bridge-to-refurb’ on the client’s current property and use as a buy-to-let, A bridging loan was secured to finish off the refurbishment of the property and also provided the client with money for the deposit on their dream home. Income – Broker Fee £1,200 & Proc Fee £1,800 All of the above deals completed last week came to a total of £16,270 and provided the AR with a net income of £13,829.50! To find out how you too can become a successful commercial broker email info@brokerplan.co.uk to receive our brochure or call 0333 405 6666 to speak to a member of our business development team
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.
