76% of brokers have seen an increase in business
By Bridging Loan Directory -
An increasing number of brokers are having to source commercial property finance for clients who have been rejected by traditional high street lenders, or even had their existing facilities called in, as some banks and their parent companies exit the UK market.
Blemain Group, through its commercial lender Lancashire Mortgage Corporation and its secured loan lender Blemain Finance, is seeing more and more applications from brokers on behalf of clients who have become victims of the reduced appetite to lend of high street banks, and who are instead turning to specialist lenders to secure vital funding.
Not only are many applicants for new commercial property funding being turned down on the high street, a rising number of customers are being asked to repay finance before its agreed maturity date.
The fact that many clients now need even more support to source the funding they require has brought benefits to brokers, with research carried out by Blemain Group showing over three quarters (76 per cent) of brokers had seen an increase in business year on year in the last quarter of 2012.
Gary Bailey, Sales & Marketing Director, Blemain Group said:
“As high street lenders continue to have a reduced appetite for lending, and some are leaving the market, it becomes more challenging for people to source and maintain their business funding. An increasing number are finding specialist lenders crucial in securing them the finance they need. Blemain Finance is the largest of only a few alternative lenders to offer business loans, within its standard plans, that are secured on the customer’s home.
“Lancashire Mortgage Corporation secures the loan on the customer’s commercial premises or land, taking the time to understand an individual customer’s business and assess an application on its own merits, meaning we can help business owners secure the funding they need to achieve their refinancing and growth ambitions.”