From today Paradigm will only be working with Brightstar as its one specialist lending partner. Its member firms will be encouraged to place their specialist lending business through Brightstar with the benefits of preferential terms for all those that do.
Brightstar is a team of specialist lending experts led by Rob Jupp, one of the leading and most recognisable figures in the mortgage industry. They cover five key disciplines: specialist residential and buy-to-let mortgages; second-charge loans; bridging finance; development finance and commercial finance.
The business has originated almost a billion pounds worth of specialist debt since it launched in 2011. It has won numerous industry awards and is dedicated to the intermediary community. This new agreement will allow Paradigm member firms to place specialist lending cases, potentially turned down by mainstream lenders, through Brightstar. More importantly it will provide Paradigm firms with access to specialised lenders who only distribute through Brightstar.
Paradigm believes this will allow its members to expand their client offering and income potential, whilst accessing product areas which they may previously not have offered advice in.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “This is a significant milestone and agreement for us and has been made to ensure that our member firms secure access to the best specialist lending partner in the marketplace. We have been working with the team at Brightstar for some time and as a business with a great management team, clear expertise and an approach to working with intermediaries, we believe there is no-one better than Brightstar for our firms to place their business with.
“This new exclusive agreement gives our members access to incredibly attractive and preferential terms which they are unlikely to secure elsewhere. Our two-year agreement means we can work very closely together and ensure that Paradigm firms and their clients get the best that the burgeoning specialist lending market has to offer.”
Rob Jupp, chief executive officer at Brightstar, said: “This partnership is a forward-looking move by Paradigm to ensure that all of the firms that use them have access to the very best specialist lending help. At the same time each broker will still benefit from the generous profit share scheme offered by Paradigm, resulting in a 5% increase in procuration fees. For firms new to specialist lending or unsure about a case, Brightstar staff are happy to talk through the options for every case on a no-obligation basis to help make it easy for every broker, working with them to increase their knowledge.”