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The NACFB is the only UK trade body dedicated to the commercial finance broker. We represent members from across the whole commercial finance market: from buy-to-let specialists and commercial mortgage advisers to vehicle finance brokers; from leasing and asset finance specialists to factoring brokers. All NACFB members comply with an industry recognised Code of Practice
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NACFB responds to Commercial First announcement
19th March 2008
Adam Tyler, Chief Executive of the NACFB said: “The NACFB has enjoyed a close working relationship with Commercial First for a number of years and our members value the business due to its innovative products, efficiently and high standards of personal service. NACFB members have voted Commercial First ‘Best Commercial Mortgage Provider’ and ‘Best Specialist Lender’ at the NACFB Awards for the last few years. It is with sadness, therefore, that we received notification from Commercial First stating that all new lending has been suspended with immediate effect.”
“Obviously, as such a large lender in the market, a main concern for the Association is the impact this decision will have on members’ pipeline business. This was also a concern for Commercial First, who approached the NACFB immediately for help in redirecting business to alternative sources with the minimum of delay and inconvenience.”
With this in mind, the NACFB is asking for members to work together to overcome the immediate hurdles and have put the following assistance in place:
- Already a number of member Brokers have indicated a willingness to consider the placement of Commercial First pipeline business on behalf of members unsure as to how they should proceed.
- The Association has spoken to a number of its Patrons and has now compiled a list of those lenders who are willing and have the capacity for new business.
- If additional members are willing to offer assistance, or have any individual enquiries related to the Press Release, please contact Adam Tyler, CEO NACFB, on his personal e mail address: adam.tyler@nacfb.org.uk
- If satisfied that the member firm has the operational capacity to cope with what could be a substantial flow of enquiries he will circulate that member’s name also.
- Please note that no guarantee can be offered by NACFB that the redirection and placement of applications will result in the successful issue of funding.
Adam continues: “Following an early morning Board meeting this morning, both the Executive and the Directors of the NACFB will be monitoring the situation closely, and if there are any further developments we will, of course, let members know. Unfortunately this is just a symptom of the general malaise the market is suffering and, although there are many lenders keen to write prime business, lenders who will take the risk of sub-prime or self certificated borrowers are becoming fewer and fewer.
Further Information
For the press release announcement, please visit the Commercial First website and the press release issued on the 18th March
http://www.commercialfirst.co.uk/pressReleases.asp?section=5
Notes for editors:
The National Association of Commercial Finance Brokers (NACFB) was established in 1992 in response to the growing incidence of fraud. It is run by an elected Board of Directors supported by the secretariat. It was formed in the belief that the establishment of measurable standards of proper professional practice in sourcing commercial funding was in the best interests of its customers, and vital to the integrity and future well-being of the industry.
Published within an industry recognised Code of Practice, these standards have been adopted by an increasing number of commercial finance, lease and motor vehicle finance brokers.
Contact details:
For further information or pictures regarding this release or the NACFB, please contact Nikki Cann or Adam Tyler:
NACFB
3 Silverdown Office Park
Fair Oak Close
Exeter
Devon
EX5 2UX
Tel: 01392 440040
Email:
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