Brokers urged to get into commercial mortgages

Commercial First is urging intermediaries to take advantage of the “untapped potential” of commercial mortgages as the market is poised to boom over the next 10 years.

Philip George, managing director of Commercial First, says that the rising number of small businesses and the attractions of being self-employed mean now is a good time to enter this market, which promises to boom in popularity as the buy-to-let market did a few years ago.

George says high street lenders do not have the resources to tap into the demand for commercial mortgages, as their service tends to be general rather than specialised.

Just 15% of business goes through brokers but with earnings of up to 10,000 per transaction, the market is looking increasingly attractive.

George told brokers at the Mortgage Business Expo that mail shots and communication with estate agents are good ways to access the market.