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