The firm cited significantly increased business volumes resulting from competitors market withdrawals as instrumental in the decision.
However, Base will continue to accept applications from intermediaries who are already registered.
Mark Stephens, chief executive at Base Commercial, said: “Unfortunately, the recent reduction in the availability of mortgage products in the commercial finance market has resulted in Base being inundated with new business enquiries. We had to act decisively or run the risk of being overwhelmed by new business."
He added that whilst the business had 'good funding lines' in place to allow it to continue lending for the foreseeable future, it would have to further rethink its strategy if this move didn't solve the problem.
“These are unprecedented times and all lenders and intermediaries are having to make decisions which were unthinkable just a few months ago.
"Unfortunately, we do not see any signs of an impending change in fortunes, until economic conditions improve and liquidity returns to the capital markets once again.”
