While specialising in non-conforming lending, LSM said it is keen to develop its commercial mortgage presence and has launched the first fast track commercial mortgage, which gives a conditional offer within two hours of application.
Martin Coates, sales and marketing director for LSM said: “We are looking to work closely with companies like Praxis Business Finance. Praxis has demonstrated that it not only has the will to succeed in this market but it has invested in the right personnel, which is the key to building the trust and respect of the intermediary market.”
Dudley Aldous, sales and marketing director of Praxis, added: “LSM is an important part of our proposition. It is able to go the extra mile, particularly on unusual property types and as a result, Praxis Business Finance has a comprehensive lender panel and product offering for our customers in the market.”
Andy Young, managing director of The Business Mortgage Company (TBMC), said: “The key for any commercial lender is to get access to distribution, so this is a good move for LSM. But I’m not sure Praxis has a strong history in the commercial business, so getting brokers to generate business for them may be a problem.”
Stephen Johnson, sales director at Commercial First, saw the move as a positive sign for the commercial market.
He said: “This is another sign of healthy intermediary demand and the growing importance of commercial mortgages to brokers. It is a positive development as commercial mortgages continue to gain momentum in the market and the role brokers are seeking to play increases. It’s a combination of intermediaries wanting to be active in the market for profitability and needing to so as not to risk losing existing client relationships.”
