Adam Tyler, chief executive of the NACFB, said he was sad to see the situation involving Commercial First unfolding and it was working to help brokers caught up.
He said: “Obviously, as such a large lender in the market, a main concern for the Association is the impact this decision will have on members’ pipeline business. This was also a concern for Commercial First, who approached the NACFB immediately for help in redirecting business to alternative sources with the minimum of delay and inconvenience.”
With this in mind, the NACFB is asking for members to work together to overcome the immediate hurdles and have put the following assistance in place:
- Already a number of member brokers have indicated a willingness to consider the placement of Commercial First pipeline business on behalf of members unsure as to how they should proceed.
- The Association has spoken to a number of its Patrons and has now compiled a list of those lenders who are willing and have the capacity for new business.
- If additional members are willing to offer assistance, or have any individual related enquiries, please contact Adam Tyler on his personal e mail address: [email protected]
- If satisfied that the member firm has the operational capacity to cope with what could be a substantial flow of enquiries he will circulate that member’s name also.
- Please note that no guarantee can be offered by NACFB that the redirection and placement of applications will result in the successful issue of funding.
Tyler added: “Following board meeting, both the Executive and the Directors of the NACFB will be monitoring the situation closely, and if there are any further developments we will, of course, let members know. Unfortunately this is just a symptom of the general malaise the market is suffering and, although there are many lenders keen to write prime business, lenders who will take the risk of sub-prime or self certificated borrowers are becoming fewer and fewer.”