The new lender is promising new intermediary partners a relationship founded on quality products, excellent service levels and competitive rates of commission.
The business will base its underwriting and administration teams in Newcastle, and its sales operation in York. It will cater for the needs of brokers, and their clients, throughout the UK. The recruitment of specialist underwriters is already underway and is at an advanced stage in the North East.
“There are some significant opportunities for a new entrant like us to make a big impression in the sector,” commented Kevin Pitt, CFS managing director. “We have some really attractive products at our disposal – with rates from as low as 3% – and we’ve got a real appetite to meet the needs of small and medium-sized businesses and entrepreneurs who are in need of commercial finance.
“We believe we can achieve many of our goals by reaching out to the many intermediaries who specialise in the residential market, but have clients seeking competitive commercial deals.
“We hope to bring some clarity to a market, which during the last few years has become confusing for the average intermediary that doesn’t specialise in the commercial sector. These people have genuinely not known which lender to turn to. As a result, a lot of potential lending has been lost – and small businesses have increasingly become frustrated with the financial community.”
As a packager, CFS believes it has an opportunity to play a major role in aiding the broker and business communities. From 1 December 2010, it says its new intermediary partners will receive:
- Quick lending decisions: typically it will confirm a loan can be progressed within 48 hours of receipt of an application;
- The highest servicing standards: its underwriters and support teams will ensure key client expectations are met – and brokers are kept in the loop at all stages of the lending process;
- Competitive rates of commission: although commissions start from 0.5% on deals worth in excess of £250,000, it expects to pay 1% on a significant number of deals where the broker has assisted in the packaging process;
- A strong UK-wide marketing and advertising campaign will support the launch of CFS, and the company’s new interactive website – scheduled for launch in mid-December – will allow intermediary partners to submit cases online and access documentation, such as KFIs.
“Like all new businesses, we’re not looking to be flooded with applications. What we’re keen to do is grow organically, and increasingly turn on the intermediary community to our added-value proposition.
“But one thing we will be doing is delivering a best-in-class service that is in tune with the needs of intermediary partners and their clients.
“We think is a great time to be launching – and we’re looking forward to a very rewarding and busy Christmas and New Year.”
