Paradigm Mortgage Services, the mortgage partnership proposition for intermediaries, has added Bond Finance to its commercial broker panel.
Bond Finance is able to source comprehensive solutions for clients for commercial mortgages, medical practice funding, business finance, investment properties, development finance, factoring and trade finance, leasing and asset finance, vehicle finance and funding using the Enterprise Finance Guarantee scheme.
Bond Finance can offer a comprehensive solution for the clients’ needs supplying the following: speedy indicative terms; loans in excess of 100% for medical practices; terms up to 30 years; and interest-only periods of up to five years.
The firm said an ethical approach is always adopted when advising clients referred by other firms, so Bond Finance will categorically not cross-sell to the client without the initial adviser’s express consent to do so. As an exclusive introductory offer to Paradigm members, Bond Finance will pay 40 per cent of its fee to the introducing adviser on completion of the deal. This offer is valid until 31st March 2010 thereafter Paradigm members will receive 25 per cent of Bond Finance’s minimum one per cent fee charged to the client.
John Coffield, head of Paradigm Mortgages, said: “Paradigm is delighted to welcome Bond Finance Ltd as the latest member of our commercial panel. We are always looking for innovative, specialist firms who offer a quality service to our members and Bond Finance certainly fit the bill in this respect.”
Nicholas Kounis, director of Bond Finance, said: “The last 18 months have been very challenging for even the most resourceful of mortgage brokers. Many brokers have been forced to diversify into other areas of lending such as commercial and corporate finance; secondary lending such as asset finance and lease finance, development finance and short-term finance such as bridging loans.
“Brokers trying to diversify into these areas may well have found themselves entering unfamiliar territory. Even more than with residential mortgages, market knowledge is the key to successfully placing commercial funding. Each lender lends based on an ever-changing set of criteria, regularly changing their appetite for each commercial sector. Much of the terminology is different to the residential sector and it’s important to be familiar with the significance of such terms as covenants, yields, GDVs, interest-only periods, amortisation and so on. The immediate task is to establish very quickly whether a case can be placed or not without wasting too much time. This is not easy unless you are already active in the commercial sector and are familiar with the way banks work and think.
“We welcome business from brokers who are getting commercial enquiries, but do not want to handle them themselves. Our specialists get to the point very quickly and are used to working with non-commercial mortgage brokers and IFAs. Brokers should try us out – they’ll find us very approachable. We look forward to receiving feedback from Paradigm members.”
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