Commercial Lending in Today's Markets
It is critical brokers use our approved Commercial lending panel, when writing off-panel you must seek approval from your State Manager or myself.
Unfortunately, I am aware of many instances, where purported lenders have appeared from nowhere setting up bogus websites to appear, they are funding Construction/Development or Commercial loans.
Issue letters of offers requesting upfront application fees, with no intention of ever funding these loans. No regulatory body is controlling these bad practises, I'm working with both FBAA/MFAA to highlight these bad practises that could impact our industry and brokers reputations.
I cannot stress enough the risks when writing off-panel, that's why us an aggregator review and fully vet any new lender before placing them on our approved lending panel
Head of Commercial & Equipment Finance