LIME Commercial, has been launched to simplify the process around this type of lending and the different routes to doing business. The proposition includes two routes – direct-to-lender and via an introducer facility. For the first, LIME has teamed up with four key lenders, Abbey, Bank of Scotland, Commercial First and the Royal Bank of Scotland.
The introducer facility allows advisers to introduce their client to approved packager, The Business Mortgage Company (TBMC), which takes full responsibility for the advice and any sales process and pays the adviser a fee for the lead.
LIME has also produced a complimentary commercial lending factsheet, which is available on its members extranet. It also offers a guide to identifying regulated mortgages and relevant compliance guidance to ensure intermediaries have clear direction to adhere to Financial Services Authority (FSA) and network rules.
Keith Richards, group distribution and development director for Tenet, said: “We are always looking to extend LIME’s proposition in line with our member’s needs. Commercial lending has its complexities and our new offering will give members clear direction in this area, as well as an introducer or direct-to-lender route, enabling them to capitalise on opportunities in this growing market.”
Andy Young, managing director at TBMC, added: “More mortgage networks are looking to the commercial market to grow their income stream. It is the perfect add-on to those already doing investment business for their clients. The proposition is about choice and presenting members with the option of working with lenders or introducing the client to TBMC if they do not want to be burdened with the admin.”
