TMBC to do commercial packaging for Sesame

The Business Mortgage Company has signed an exclusive commercial mortgage packaging agreement with Sesame.

The deal means the network’s appointed representatives can package commercial mortgages and still use their Initial Disclosure Documents and the Sesame letterhead when dealing with the applications.

While ARs will be able to go off-panel and use other packagers for commercial mortgages, they will not be allowed to use anything that associates them with Sesame if they do.

Andy Young, former head of mortgages at Sesame and now managing director of TBMC, says the arrangement is a sign of rising interest from brokers in commercial mortgages.

He says: “There’s an enormous desire to know about commercial loans. Brokers see it as an opportunity but don’t know who to go to.”

He adds there was also a worry that if a commercial deal went wrong it would expose Sesame to compliance risks. This agreement allows ARs to get into commercial mortgages without exposing the network to legal problems.

Andrew Oliver, head of proposition delivery at Sesame, says: “TBMC will take the hassle out of commercial business. Our members will get a commercial mortgage written in an attractive way, with a competitive proc fee.”