Process & Fees
Process
The advice process starts with gathering the detail from you the client on your
experience particularly where relevant to your project and what you are seeking to
achieve. Good communication and clarity are very important at all stages of the process
so that we can identify the key strengths and weaknesses of the proposition:
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Whether or not your proposals are achievable and how best to structure the proposition to make it easily understandable and acceptable to a lender
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Which lenders are likely to be receptive to a lending request and what the likely costs will be to the client
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Agreeing our own fees with you
Once we have confirmed that an appropriate way forward exists we need to pull
together all the documentation whether this be planning approvals and schedules of
work for a development project or a full breakdown of a property portfolio to facilitate
equity release to expand the portfolio. With the detail available we then formally
approach the most appropriate lender on our panel to meet your needs. The process
varies from lender to lender with some issuing outline terms without any detailed
review whilst others may provide sanctioned term subject to valuation.
Fees
As with other professional providers CFS charges fees commensurate to the type of facility, complexity of the transaction and cost of the funding. We seek to build long term relationship so our fees are always discussed and agreed in advance and are transparent – for example:
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With most bridging/short term loan requests we only charge a one off packaging fee of £500.00 – this is charged once the transaction has, based upon the information provided by the client, been assessed as achievable and is payable before an application is submitted to the lender
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With commercial mortgages the level of work and the sourcing of funding can be considerably more involved – in these instances we charge the usual packaging fee of £500.00 and may, once the offer has been issued by the lender (this is the full offer and not an agreement in principle) a Client Fee of up to 1%. The level of fee is determined by the size of the debt and the level of commission payable by the lender and commission payable to any introducer of the business – the aim is a balanced position and a fair result for all.
Key Points
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CFS will never email you and ask for either your personal or business bank account details. If there is a need for such detail this would only be to complete direct debit mandates for applications to lenders and in these instances you will be providing the detail when returning your signed direct debit mandate.
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For certain lenders CFS instructs the valuation but when doing so the Panel Manager, who arranges the instruction of the valuer will seek payment directly from yourselves, CFS will never ask you to give your card details for any other reason whatsoever – any such requests should be declined and the approach reported immediately to CFS.
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Commercial Financial Services is a brokerage – we are not a lender but can arrange a lender to assist you if the proposition works.
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Commercial Financial Services is a trading name of Simon Jeremy Purdom who is authorised and regulated by the Financial Conduct Authority, FCA number 724959.
