To celebrate its entry, it held a gala launch party for 250 guests in the Atrium at W5 in the centre of Belfast. The event included presentations from Mark Johnson, Commercial First’s head of sales, and Martin Bloe, Commercial First’s sales manager for the region, and entertainment provided by local professionals, including jazz, comedy and circus acts.
Following a trial period of four months, Commercial First is now fully committed to commercial mortgage lending in the region and has the support of six key broker/packer commercial specialist partners, backed by an appetite among the broker sector to sell more commercial mortgage deals.
Stephen Johnson, sales and marketing director at Commercial First, commented: “In a climate of greater political stability the Northern Ireland economy has grown fast and continues to do so. There has been huge inward investment in Northern Ireland over the last five years especially in the industrial and retail sectors, both of which are prime securities for Commercial First.
“We have had a very significant impact on the commercial mortgage market since our launch in 2002, and believe the benefits of our simple mortgage approach and transparent products will add considerable value to the intermediary and small business market in the Northern Ireland region. ”
Key features of the Commercial First mortgage products that are now available in Northern Ireland include: Up to 80 per cent loan-to-value (LTV); terms from 10 to 30 years; options for self-certification of income or accounts to be used; interest-only periods; the ability to consider adverse credit and a bespoke range for commercial investment property.
Johnson said: “A number of our earliest cases have completed in just three weeks from start to finish and include agricultural, leisure and investment properties. We have been delighted with the volume of enquiries seen in the initial pilot stage, which have included a £1m farm deal. We are genuinely excited about the opportunity in Northern Ireland, and with a proven track record are confident we can help build long standing partnerships with the mortgage professionals in this market.”
