The secured loan master broker has announced it will now pay secured loan commissions, at an average of over £1,200, to brokers before it has received payment from lenders.
Steve Walker, managing director at Promise, said: “Introducers will be paid by cheque or BACS within 24 hours of the loan completing. We will then wait to get paid ourselves which, with some lenders could mean introducers receiving commissions nearly two weeks sooner.
“We know this comes with a risk to Promise as on occasions a lender can advise that the loan has completed when in fact it has not.”
There is no change to Promise’s commission structure and service. Introducers will still have free use of the sourcing platform, free comparison and compliance audit.
Walker added: “Cash flow is tremendously important for many of our brokers and we believe no other master broker is helping its introducers in this way.”
John Malone, executive chairman at PMS, said: “Well done to Steve Walker and Promise Solutions for this very timely business decision which we know will help our members, especially where cash flow is an issue within their business.”
