BLL launches into market
The commercial lender currently provides commercial mortgage loans to small and medium sized enterprises (SMEs) and investors in small and medium commercial properties.
Announcing the launch of BLL into the intermediary market, Stuart Parfitt, managing director at BLL, said the lender had made rigorous entrance plans. He said: “We have spent the last 18 months not only building the loan book but also building relationships with a number of key intermediaries and refining our lending criteria and service delivery functions. Business Lending Ltd has decided to work with a small group of packagers, who can provide the hands-on expertise to brokers to showcase our products, and we look forward to working very closely to provide the support they need.”
He added that the commercial market would grow over the coming months, and wanted BLL to be part of the growth. “There is no doubt in my mind that we have reached the tipping point as far as the popularity of commercial mortgages is concerned. This is going to turn into a flood over the next few years,” he stated.
Tony Jones, managing director at Pink Home Loans, said the commercial sector was increasing in popularity among brokers. He said: “I think there is room for more lenders in the commercial sector and there is definite scope for growth. Up to now, brokers have shied away from the commercial market because they have seen it as complex and conversion rates have been perceived to be low. There’s plenty of scope in the sector, but new entrants must have a simple process, competitive rates and streamlined service.
“I think it is significant that BLL has chosen packagers as they can provide guidance and navigation. It makes sense.”