TBMC plans massive cull of lender panel

The Business Mortgage Company is planning a sweeping cull of its lender panel.

The commercial and buy-to-let specialist packager currently has a panel of over 20 firms. But under plans being drawn up this could be slashed to between six and eight.

Andy Young, managing director of TBMC, says: “We have the opportunity to drive even greater value for customers, brokers and lenders on the back of the significantly increased volume of business now being placed.

“We are reviewing the relationships we have with lenders with a view to formalising a strategic panel from the beginning of next year.”

The packager has seen a massive upswing in applications during 2005.

It reached the 1bn applications milestone on October 14 and despite only operating in two specialist markets, saw applications of a whopping 150m in September. This was up from 100m six months previously, and double the business written in the same period in 2004.