Under the terms of the working arrangement both Commercial First and TBMC have agreed to establish service level agreements and to work closely on joint marketing and distribution strategies. Commercial First will commit underwriting resources while TBMC has agreed to work together on product development and origination plans.The agreement forms part of a drive by TBMC to develop a limited panel of strategic lending partners in order to maximise the benefits of the working relationship and complement its offering to brokers and IFAs.
Stephen Johnson, sales and marketing director at Commercial First, said: “We are delighted to be making a formal commitment and working in close partnership with TBMC. It has an excellent proposition for the large mortgage distributors and it comes at a welcome time when it is important for intermediaries to maximise their earning potential.”
Andy Young, managing director of TBMC, said: “We are very serious about becoming the number one provider of a commercial mortgage solution to the independent financial adviser and mortgage networks. This is the first formal relationship established but others will follow.”
Thomas Reeh, chief executive officer of blackandwhite.co.uk, said it was a good move. “More and more lenders and brokers are consolidating as it gives scale and leverage in the market, particularly on the commercial side. It’s not an easy business to be in and the more routes to the market the better,” he said.
“Commercial First in our experience is a professionally-run business and I doubt it would enter into an agreement like this if it wasn’t beneficial. We do a lot of business with it and its managing director is a very astute businessman with the credentials to make a success of the agreement,” Reeh added.
