Accessing specialist mortgage finance is best done with the services and experience of a master broker. Enterprise’s Harry Landy explains how they work, how they can help your clients and how they can help to change lives.
Specialist lending can help your clients with anything from mending poor credit, to growing a business, to maximising the investment potential of their properties.
But access to specialist lending needs experience to get the best deals for clients, and to do so efficiently.
That’s where a master broker comes in, as we excel in securing these types of finance.
When we founded Enterprise Finance in 2002 we had the same three products we have today: second charge mortgages, bridging loans and commercial mortgages. That means we have 15 years’ experience and a deep network of relationships in this sector, giving us access to preferential terms and rates from our lending partners because we have a track record of delivering good quality business.
Furthermore, the products we offer are not widely available without the use of a master broker, though that is changing.
For example, most second charge lending currently only comes via master brokers. Securing second charge lending is more complex than securing a first charge loan. Not only does it need to take into account the first charge, but it also requires different due diligence around land registry credit searches, obtaining consents from first charge lenders and all of the nuances that go along with that.
A master broker will have the experience, lender relationships and product knowledge to take on cases like these and complete them. We won’t take on cases that we know won’t complete.
We are not oblivious to the fact that the second charge mortgage market is still a sub billion pound one. Whilst it is only a small part of the overall mortgage market, it should still form part of a financial adviser’s armoury of products and one that brokers need to have in on their radar, especially independent brokers who are duty bound to offer first and second charge mortgages as part of their advice. With rates starting at 3.83% for second charges and 0.54% for bridging finance, pricing is no longer a barrier to specialist lending.
Advisers need access to this type of finance but you do not want or need to become experts in second charge lending.
That is why many advisers turn to a master broker. Indeed, 100% of our business comes from intermediaries; financial planners, mortgage brokers and financial advisers, whether from network partners or Directly Authorised. These are professionals who want to work with companies that they can trust to deliver for their clients.
We can, without blowing our trumpet too much, help turn people’s lives around. We had a letter the other day from a client, referred to us through a financial planner.
The client could not thank us enough for helping secure a loan that allowed him to consolidate his property investment.
