Game of Loans: More than one way to broker a development deal
At Regentsmead we have various channels in place to help support both our direct clients and, of course, our highly valued introducer partners.
There's quite a large spectrum as to how a development project may be presented to a lender, for example, we are still often asked if we need an introducer agreement in place before a case is discussed, or whether a broker needs to formally join our panel. Luckily for our introducers, we like to keep things simple. I was recently presented with a case for a single new build project in Andover, Hampshire.
After the broker asked whether he needed to be on our panel, he then proceeded to send over copious amounts of supporting information including lapsed planning information and various versions of the original drawings of the project.
At this point, suffice to say, this was information overload.
The advantage of having been around for a long time is that we have honed our procedures to the point where we only need a specific set of initial information to give an immediate decision.
At this stage, the client just wants a "yes" or "no", and the quicker a lender can get to this point, the better the result for all parties involved. The beauty of this is how well it reflects on the broker having had a genuinely good service.
Last week, we experienced an example of some superb brokering from an introducer partner at Fiducia Group.
Coincidently, this was for a project some 100 yards from our offices in Edgware, but it was a pleasure dealing with a client who had been fully briefed about our procedures, our offer letter and what to expect when working with Regentsmead.
The broker had all the information on the client including back-ups of all the various documents required, a comprehensive understanding of the project as well as the market which the new build was being targeted to.
What I love to hear once we have signed up a new case, is when a broker wishes to be kept abreast of every part of how the loan is progressing, and, from a lender’s point of view, what better opportunity for us to show them what we can do.
That's development finance brokering at its best.