Complete Packaging Services Elmswood.eu has been set up by mortgage consultancy Elmswood Private Finance to package mortgage applications generated by its consultants from its target market of medium to high net worth individuals.
Situated in the City of London, Elmswood Private Finance currently has 11 staff and is actively recruiting experienced mortgage consultant and administrative staff working to a target of 25 staff by April 2007 generating in excess of £100 million of mortgage completions. The packaging franchise is headed up by Steve Slough who has a strong background in both underwriting and key account relationship management, and previously worked for Mortgage Express for seven years. The packaging proposition is on offer to other Independent Financial Advisers (IFAs) and mortgage brokers and the 12 month target for this additional packaging business is £40 million in completions.
Even though the skill set, experience and established contacts within Elmswood Private Finance would allow them to obtain agency agreements direct with lenders, they decided that going down the franchise route put the company in a stronger position more quickly than would otherwise have been possible. It is estimated that franchising will save 12-18 months ground work.
Tony Salentino, director of Complete, said: “We are delighted to welcome the Elmswood team as our latest franchise partner. We are confident that the quality and experience of the directors and employees will ensure that their business targets are met and exceeded, and we are pleased that the Complete mortgage distribution and packaging model is able to get their new packaging venture off to a flying start.”
