Norton Broker Services is creating a secured loan packager network and has exclusively bought the rights to the client base of the Loan Directory Network.
As part of creating an air of stability within the second charge market, the newly formed ‘Norton Broker Services – Packager Network’ will offer existing Loan Directory members and new members additional override commissions with lenders, as well as access to some exclusive lenders such as Norton Financial Services and Prestige. By utilising the group buying power members will also have access to fantastic quality leads, compliance.
John Forde, group business development manager at Norton Broker Services, says: “This is a really exciting development and one that will bring huge benefits for both Loan Directory members – who all now become part of the Norton Broker Services – and lenders alike. The move means that even more brokers will be able to benefit from volume buying, an even wider panel of lenders and some bespoke revenue schemes that can only be derived from a dedicated network. They will also achieve commission overrides that will be paid directly to them to prevent delays, which is a major advantage for brokers in these challenging times.”
Norton Broker Services will also be helping to grow the business of other packagers within its membership, by driving down the cost of acquisition of sales leads, thus making their businesses more profitable.
Forde adds:”We have everything in place that our members will ever need. This includes a strong dedicated team of nine business development managers and also five compliance staff, as well as access to more favourable lender commissions, outlets for unsecured and Welcome Secured and other services such as tenants, mortgages and remortgages, debt management and IVAs.
“Network members will receive the right mix of promotion and support from the start, as well as having access to Loan Directory software at a discounted rate. These really are exciting times for Network members.”
The Network is designed to help lenders too. As Norton Broker Services recognises that many lenders find it difficult to deal with packagers who don’t do large volumes, the network can now pick up these smaller members, taking the hassle away from the lender and giving the packager an even better service. The ultimate aim is for packagers to improve their underwriting quality, whilst the network will also offer them training in improving their processes, leading to better quality packaging across the board.
Another important benefit to packagers is that they will be able to take advantage of the Networks’ agencies with bespoke lenders (ie Norton Financial Services) which would allow them to extend their offering even further and really make their mark in the secured loans industry.
Mike Boyle, director of operations at the Loan Directory, says: “Forging this close partnership with Norton Broker Services will deliver huge advantages for our members. In these tough trading conditions, we see it as a very positive way to help them increase their business and provide a more dedicated Secured Loans service for customers. With the backing of Norton Broker Services, we are confident of a very bright future for our members, with the benefits being increased commissions, greater overrides and the backup and support of one of the leading players in the industry.”
Norton Broker Services is part of Norton Finance, one of the UK’s most reputable financial brokerage companies.
The company has over 25 years’ experience in providing broker services and works with over 14 lenders to provide the very best secured loan deals for brokers and their clients.