The National Association of Commercial Finance Brokers has bolstered its support to members following Commercial First’s decision to cease new business trading.
It includes the compilation of a list of lenders who are willing and have the capacity for new business.
Adam Tyler, chief executive of the NACFB, says: “Obviously, as such a large lender in the market, a main concern for the association is the impact this decision will have on members’ pipeline business.
“This was also a concern for Commercial First, who approached us immediately for help in redirecting business to alternative sources with the minimum of delay and inconvenience.”
Tyler add that executive and directors of the NACFB will be monitoring the situation closely following an early morning board meeting held this morning, and notify mjembers of any further developments, which could impact their business.
He says; “Unfortunately this is just a symptom of the general malaise the market is suffering and, although there are many lenders keen to write prime business, lenders who will take the risk of sub-prime or self-certificated borrowers are becoming fewer and fewer.”