The commercial lender encouraged brokers to overlook the common reservations that surround the area and claimed that brokers typically avoided specialist commercial lending over fears that it was too complex.
Philip Hargreaves, Northern regional manager at Interbay, said there were opportunities in self-cert and non-conforming commercial deals, as well as prime.
He said: “Specialist commercial deals are a fantastic opportunity to get a mixture of residential and commercial clients. There is great income potential – one or two deals a month can equate to £4,000 to £8,000. Moving forward, more residential brokers will move into the commercial marketplace so get in there first while there is still the opportunity.”
Jonathan Barnett, of All Mortgage Matters, said: “I do get commercial clients in, but I will outsource to a specialist as it can be an incredibly long-winded affair and it is far better to put it into the hands of experts. It is a fairly specialist area and you need to be trained into it for the principles and criteria.”
Danny Lovey, sole trader at The Mortgage Practitioner, said: “I’d like to do more, but as a sole trader I can’t do everything. I’m always on the lookout for new opportunities for business but the problem I have found is that commercial lenders are slow in getting offers to you. What you want is someone who will get an offer to you, but what I will say to clients is have you spoken to your bank yet? If you are a bank customer you have a good chance of getting a deal.”
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