Commercial First Mortgages has signed a distribution agreement with the black & white mortgage company.
CFM, launched in October 2002 by former igroup MD David Johnson and Trigold chief executive Martin Finegold, completed its first business in December.
CFM has a restricted database of brokers and says it is looking to establish further deals with brokers and packagers deemed capable of offering a high volume of business to the lender.
CFM sales director Stephen Johnson told Mortgage Strategy: “We are bringing the residential process and the same borrower profile as the non-conforming residential borrower within semi-commercial and commercial property. Black & white mortgage company is a good name and it has agreed to roll out the CFM product.”
CFM has also established distribution relationships with The Mortgage Group, ICMG, and Solent Mortgage Finance and has already processed over £3m in business. The CFM began divisional presentations to black & white's sales force last week.
Chris Ollerenshaw, chairman of black & white, says: “This is a new venture for us as we are predominantly a remortgage and mortgage outfit, but we come across many commercial deals by default.”