It is looking to offer products ranging from the standard residential and BTL mortgages to more complex finance
A new mortgage brokerage backed by entrepreneur Duncan Kreeger, founder and chief executive of mortgage lender TAB, has been launched.
Experienced mortgage professionals Nick Simmons (pictured) and Magnus Duke Dadzie announced that they are establishing The Finance Company (TFC), which will offer products ranging from the standard residential and BTL mortgages to more complex finance, including property portfolios and development finance.
Simmons said he is already laying the foundations for TFC, recruiting intermediaries, and interviewing a minimum of five candidates every week. He will become the firm’s managing director and will be responsible for shaping its proposition and managing its operations.
He has been in finance for the last 17 years, beginning his career at RBS, where he worked his way up to managing retail banks across East Anglia. After that, he moved to Capricorn, a large national brokerage, as a sales and operations director.
“I want to put our clients at the heart of transactions,” Simmons said. “We’ll do face-to-face meetings and we won’t charge clients to meet us. Our fees will be low. And we’ll offer holistic advice.
“TFC is whole-of-market, with more than 170 lenders on our panel. That means we will always be able to find our clients the perfect product to meet their needs.”
Simmons added that his vision is to take on a minimum of five additional advisers by January 2023 with another 10 advisers hired by the end of 2023.
“By then, I want us to be completing 100 mortgages every month,” he stated. “I’m ambitious and I want TFC to grow 40% year on year until we become one of the biggest players in the industry.”
Meanwhile, co-founder Dadzie will become the executive director of the firm. He started his 35-year career in finance as a broker, and has most recently been working as a specialist broker at London Belgravia Brokers. He worked as a BDM with Montello, Ortus, Propfin, and LendInvest.
“We’ll be looking to help people with auction and bridging finance, as well as BTL, commercial, semi-commercial and residential loans,” Dadzie said. “We will help any broker who is less familiar with the intricacies of specialist finance, as well as underserved corners of the market. No job is too large, no loan is too small.”
Commenting on his investment in TFC, Kreeger said he has been thinking about acquiring a brokerage for a while. But with people like Nick and Magnus on board, he realised that they could “be more ambitious and grow a business organically.”
“TFC is a wholly independent business with necessary measures taken to ensure separation from TAB, such as Chinese walls, in place,” he added. “TFC could be the first of many investments. I am interested in acquiring mature businesses in property and insurance as well as another mortgage broker - and launching more start-ups, too.”
