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New commercial packager launches today

A new commercial mortgage packager is launching today and is promising intermediaries excellent commission.

Commercial Financial Solutions’ will operate throughout the UK and is recruiting specialist underwriters.

Its underwriting and administration will be based in Newcastle with its sales operation in York.

Kevin Pitt, managing director at CFS, says: “There are some significant opportunities for a new entrant like us to make a big impression in the sector.

“We have some really attractive products at our disposal – with rates from as low as 3% – and we’ve got a real appetite to meet the needs of small and medium-sized businesses and entrepreneurs who are in need of commercial finance.

“We believe we can achieve many of our goals by reaching out to the many intermediaries who specialise in the residential market, but have clients seeking competitive commercial deals.

CFS promises intermediaries will receive high servicing standards with decisions typically given within 48 hours.

The commission will be 0.5% on deals worth more than £250,000 but the packager expects to pay 1% on many deals.

The company’s new interactive website – scheduled for launch in mid-December – will allow intermediary partners to submit cases online and access documentation, such as Key Facts Illustrations.

Pitt adds: “We have access to a strong seam of funding. This means we can immediately start meeting the needs and expectations of intermediaries and their clients.

“Like all new businesses, we’re not looking to be flooded with applications.

“What we’re keen to do is grow organically, and increasingly turn on the intermediary community to our added-value proposition.

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  • John Simpson 9th December 2010 at 11:25 am

    A great shame that this is not a new lender. There are already more experienced commercial brokers on the market who will no doubt do the job better – we all need new funders for the experienced brokers not new brokers who amazingly (if not laughably for the commercial sector) call themselves “packagers”.