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all know, are having as much trouble here as they are with providing credit to the residential market.
partnershIps My advice to anyone that may consider this to be an opportunity to write additional business is to find a specialist partner who has experience within the sector to work with. There are plenty of good, well qualified companies in the market with years of experience who would be eager to have a small network of quality introducers working closely with them to bring new leads. They in turn will quickly identify cases where there is simply no potential which stops you having to work with no or little reward. Is this not a match made in heaven?
next generatIOn I have been lucky enough to work with a number of new start-ups over the past three years and the ones that have appeared to be most successful have all included a commercial specialist as part of the firm. They have turned out to be an integral tool within the firm. However, the downside is that some commercial deals will take months of preparation then months of underwriting and due diligence before they even get to offer. This can sometimes mean that an individual who is not a specialist ends up chasing his tail for one big pay-out thus relying too heavily on just one deal for their income - a dangerous place to be (widely referred to as bigcaseitus). Another danger is that they can often see any new route to finance as the saviour of their business and drop everything, forgetting what I said earlier, that this is a very specialist business with lenders from Barclays
through to the Madagascan Central Bank operating in the sector. Many of you will find these lenders hard to locate because they only want to deal with professionals in this field and are not interested in the intermediary market as a general source of business. The only way to get close to these people is by having access through one of the specialists I mentioned earlier.
KnOwledge banK My advice to anyone considering getting into commercial lending themselves is to make sure that your technical knowledge is good and that you take things slowly. I would first of all get to know those high street banks a little better and maybe only continue to do those cases but improve the way you present as they are probably under- resourced so the more you put together for them the easier the case is to present and the quicker you will get a decision.
COmplICated
Do not try and get involved in complicated deals that you have no experience of. Make sure you use a professional, well- respected firm that has good relationships with a number of very specialist lenders for these - even go as far as to have a formal partnership with them just for this part of the business. Remember what I said
earlier, this type of service will only serve to strengthen your business as long as you develop the right relationships. Commercial Funding will become more popular this year as businesses and individuals try to cut costs and some try and take advantage of the increasing opportunities in this sector so make sure you have the relationships you need to take advantage as well. n
If you’ve got clients in need of commercial finance, we’re the people to contact about the very best rates and deals. We’ll give you a quick decision on every application you submit, excellent service and very competitive rates of commission. Guaranteed! To find out more, please call 0800 138 9259.
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www.commercialfinancials.com mortgage Introducer FEBRUARY 2011 49
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