Commercial First forms alliance with Network Data
From today, Network Data (NDL) – an organisation offering a range of packaging, mortgage sourcing and network services – will start marketing Commercial First’s revolutionary range of commercial mortgages to the UK’s intermediary community.
The relationship with allow NDL to compliment its strong range of residential mortgages with a commercial offering that will be an attractive proposition to brokers and IFAs alike.
“We’re going from strength to strength at the present moment – a point that is illustrated perfectly by our new alliance with Network Data,” commented Stephen Johnson, sales and marketing director of Commercial First. “I am delighted by the way in which Network Data has embraced our product and its willingness to enter into a formal arrangement with us.”
Under the terms of the deal, Network Data will be able to offer – via its brokers – access to a commercial mortgage boasting an interest rate starting at just 3.75 per cent over the base rate of Barclays Bank. A minimum loan of £50,000 is available, with a ceiling of £1.5 million. A maximum loan to value (LTV) of 75 per cent will be offered to clients.
Terry Young, head of mortgage operations at Network Data, said: “I have been greatly impressed with the Commercial First proposition. It is radically new, transparent and much needed solution for many sole practitioners, limited companies and partnerships in the business world. I have no doubt whatsoever that we will both benefit from this relationship.”
NDL is the latest big name to join forces with Commercial First. In recent weeks, Solent Mortgage Services, The Black and White Group, The Finance Centre, the Mortgage Group and ICMG have added the company to their specialist lending panels.