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Base promises brokers 3 Fs
16 May, 2008
Base Commercial Mortgages Limited is promising to provide brokers with the three essential Fs: the payment of fees for all introduced business, a continuity of funding and a fast and reliable service.
The pledge has been made in response to recent market developments in which some commercial lenders have withdrawn broker fees, run out of funding or are taking considerably longer to process mortgage applications. Base, which only markets its products and services via professional commercial mortgage brokers, says it is committed to the intermediary business channel and will do everything possible to ensure brokers receive a high quality service.
Mark Stephens, chief executive at Base, said: "The current market is tough enough without lenders messing brokers about by making the application process more onerous or withdrawing fees. It sends a very clear message to intermediaries about the lack of importance they place on this business channel and we want to ensure that brokers understand that Base is on their side and committed to supporting them in the future.
"I have far greater sympathy with lenders who have encountered funding problems, because that is an issue outside their control. However, I'm pleased to say that Base does have funding in place and, as long as we do, we will continue to do everything we can to provide brokers with a fast and reliable service. And we'll pay them a fair fee for the business they introduce."
Base says that in most instances it is able to provide brokers with a credit searched decision in principle within 4 hours of receiving a completed Base application form.