Current market conditions mean brokers need to diversify and step outside their comfort zone, simply in order to make a living. The Deal Exchange has been developed to help members get together to share their experience and expertise and will be launched, initially for members’ feedback, in the next week.
Adam Tyler, Chief Executive of the NACFB explains: “The Deal Exchange is aimed to help NACFB members work together in placing deals they couldn’t place on their own. Here at the Exeter office we are getting an increasing number of enquiries from members requesting information about which lender will look at which deal. In order to cut out the middle man (i.e. us) the Deal Exchange is designed to be an online meeting place, so members can post deals anonymously and request help from fellow members.”
Adam Tyler continues: “The Association will have minimal involvement in any deal -although of course we will check any threads before they are posted – but for the most part all we do is provide the online meeting space and allow brokers to work out any deals between themselves. The idea is that if a client requests something out of the broker’s usual field of expertise, he can (anonymously) place it on the Deal Exchange forum for another broker member to look at and offer his (or her)assistance. The brokers can then work together and, depending on whatever agreement they have come to between them, split and commissions created by the deal.”
The Association has also lent its support to a third party site. Campaigning group www.lendertracking.org has launched a survey for brokers to compile a league table of lenders in the UK. Despite the decision from some of the largest banks to pass on rate cuts to borrowers, many lenders remain unwilling to lend. Lendertracking.org is canvassing all commercial brokers to find out which are the best and worst banks for lending. A lender league table will be published to show the results. NACFB has supported the campaign, and is urging members to join in the survey. There are five short questions asking brokers to name the best and worst lenders, and why. All answers will be kept anonymous.
Commercial broker William Flatau who launched lendertracking.org commented: “We are still receiving reassuring words from the banks that they are open for business, yet few deals appear to be happening. We are calling on brokers to tell us which banks are lending and those which are not; which ones deserve a pat on the back or a mention in the hall of shame.”
NACFB chief executive Adam Tyler added: “The campaign by www.LenderTracking.org is here to help Britain’s small businesses. We are lobbying Parliament, and working with lenders, to get the market moving again. “