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.
Case Study – Amber Estates
Case Study – Amber Estates Deal of the Week Approached by a letting agent to refinance a mixed-use property in Shepherd’s Bush, London at 55% LTV would on the face of it seem straightforward, however… The two retail units were a trading restaurant and a Kebab takeaway with associated noise and smell affecting the marketability of the 7 flatsThe council were under the impression the upstairs comprised 2 maisonettes, not 7 flats so the permissions to let had to be considered.The client had a business loan that used this property and multiple other properties for security and this bank couldn’t tell the client how much money they needed to release this security.The client was extremely difficult to speak with, spending a lot of time abroad or incommunicado!Liaising with the two lenders that held charges on the asset, the bank, the client’s solicitor and the surveyors we finally persuaded the bank to fund not just the debt on the property but to but raise sufficient funds for the client to buy the freehold of another business he was “running”. A loan of £1.1m earned a total income of over £20k. The associate who introduced this, therefore, saw his first deal pay out over £10,000.
