Commercial First has reported a growth rate of over 200% in further advance lending since it set up a team to service this business six months ago.
Stephen Johnson, sales and marketing direct Commercial First, says: The further advance team are able to use many aspects of the original application including documentation, the conveyancing process and sometimes the original valuation to offer a really simple process for the intermediary and client.
With 24 hour completions regularly achievable, clients have the ability to use their Commercial First mortgage facility as a ready source of quick capital for their business.
For many small business operators there are often opportunities they can exploit provided they can raise the necessary funding quickly enough.
Brokers are now starting to realise that further advances are ideal for commercial borrowers that have increased the value of their property through investment, or who have a lower LTV mortgage on day one.
Many have started to ensure a regular communication is carried out to all existing clients with a current Commercial First facility – there is probably not an easier, cheaper or faster way of generating income for brokers.