View more on these topics

Commercial First places 50% of staff into consultation

Following the announcement last month that specialist commercial lender Commercial First, has been forced to suspend new lending, the company has confirmed that it has entered into a consultation period with its staff.

Stephen Johnson, sales and marketing director at Commercial First, says: “We continue to progress numerous opportunities in order to return to market as soon as we can. Unfortunately our current infrastructure is built to originate in excess of £1bn a year in new lending and we recognise that our activity will certainly be more modest when we are able to resume.

“As a result we need to reduce the teams by around 50% with in the region of 90 staff at risk of redundancy. This will be an incredibly painful process for us as our teams are amongst the most professional and committed people we have ever had the privilege to work alongside. Although the industry is in turmoil, these people will be assets to any business looking to recruit.

“We are unable to confirm when we believe the business will be able to resume lending. Although bond spreads have narrowed and some believe the rescue of Bear Sterns was a turning point, we believe it is unlikely that the securitisation market will function until next year. We are actively pursuing alternative financing for the immediate future and to complement any future reliance upon the securitisation market.”


BDS Secured Loans extends 10% proc fee promise

BDS Secured Loans has extended its pledge to pay brokers an extra 10% commission on all deals received by April 30.The firm, which launched last September, already offers brokers half of the case income it receives after costs.Mark Clinton, director of BDS, says: “There’s no doubt we’re working in a challenging marketplace.“This makes it even […]

Lifetime trackers from Woolwich

Woolwich has unveiled a range of lifetime trackers available up to 95% LTV, plus two offset trackers available up to 90% LTV.

Good intentions behind council estates

Social housing was a result of the vision of a remarkable Victorian lady who was horrified by the living conditions in London’s tenement blocks, says Simon White

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


News and expert analysis straight to your inbox

Sign up