Mortgages for Business launches broker division

Mortgages for Business launches broker division

Mortgages for Business has launched an intermediary division designed to help brokers navigate the specialist market.  

MFB for Intermediaries will offer brokers a deal placement or packaging service in the buy-to-let, commercial, bridging and development finance sector.

A MFB for Intermediaries spokesperson said the deal placement service was tailored to less experienced and time-pressed brokers looking for a master broker to source the right lender and structure a deal.

The mortgage packaging service had been created for intermediaries who already know the lender they wish to use but cannot submit applications directly themselves, they added.

Steve Olejnik, managing director at Mortgages for Business, said the company felt it was in a position to help brokers who may be struggling to place more complex deals.  

He said: "We are excited to be forging a more prominent role in the broker-to-broker space - between them, our qualified advisers have more than 100 years’ experience in the buy-to-let and commercial property sectors.  

"Many have a career background working as lending managers at the country’s leading High Street banks -this means they understand deals from all angles and perhaps more importantly, deliver successful outcomes."

MFB for Intermediaries will also offer an online case tracking service and a weekly email designed to keep brokers informed of new rates, criteria and market developments.

Daniel White, managing director at White Financial Services, said MFB for Intermediaries could work for brokers who are not fully knowledgable about the buy-to-let sector, on things like tax changes and lender calculations.

He said: "That is, as long as any additional third party costs are met by the broker and not from the pocket of the client. 

"The service could work as a packager as long as the service is maintained too, as if a broker refers a case to a third party, they have to be confident the service is spot on - as it will not be the packager who has negative feedback but the rather the broker potentially losing a client or reputation."