Exciting news broke in the world of commercial finance today. Commercial Finance Solutions (CFS) announced it would become the latest entrant into the UK’s already buoyant commercial lending sector. Don’t let the high competition fool you into thinking a new entrant isn’t welcome however. The banks are not lending at anywhere near the competitive rates they once were and the main self certification commercial providers left the market during the credit crunch.
We have access to a strong seam of funding. This means we can immediately start meeting the needs and expectations of intermediaries and their clients.Kevin Pitt Managing Director CFS (speaking to Mortgage Strategy)
Strong words and a promising reaction from the industry could lead to CFS becoming an important player in the commercial lending market. Brokers will receive commission of up to 1% (0.5%) will be typical but crucially the combination of streamlined criteria, and the cost effective distribution that specialist mortgage advisers can bring will lead to reduced costs to borrowers in some cases and a much wider range of lending products than the banks are currently offering.
Commercial Mortgage Rates are set to be as low as 3% in some cases according to Pitt. A bold promise in a market where a lot of premium lending is being done at well over 4%. I for one look forward to working with them and some feedback posted already on Mortgage Introducer magazine from early adopters of their products is extremely promising.
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