NACFB members to get higher proc fees from Precise

Precise Mortgages is offering members of the National Association of Commercial Finance Brokers an enhanced proc fee of 1.3% rather than its standard 1%.

The lender has teamed up with the trade body to promote higher standards in the residential bridging sector.

Precise has campaigned for more transparency in bridging lenders’ interest and fee charging policies so borrowers can better compare the relative competitiveness of loans.

As well as offering enhanced proc fees, the lender will educate NACFB members about the bridging sector.

Alan Cleary, managing director of Precise, says: “Inconsistent standards being applied across the market make it all but impossible for borrowers to effectively compare the competitiveness of loans.

“I believe the NACFB is leading the way with its code of practice and the bridging market would be a better place if all lenders and distributors had similar policies.”

Adam Tyler, chief executive of the NACFB, says: “The association has been at the forefront of providing self-regulation throughout the commercial finance industry for 20 years now. It is through increasing standards across the industry that we have kept this status quo.”