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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 Salt Commercial Announcement

2nd May 2008

Chief Executive of the NACFB, Adam Tyler, comments on yesterday’s announcement from Salt Commercial Finance that they would be withdrawing from the market as lending levels in the first part of 2008 had risen dramatically and they feel now is the time for consolidation.  “The NACFB have enjoyed a close relationship with Salt Commercial since their inception and they had become very well placed by our members. We would like to take this opportunity to wish them all the best and that we hope to see them return to the market soon. However, obviously my main concern is with the impact this decision will have on members’ business. I have been reassured that established pipeline business will be honoured.”
 
“As in previous instances with other lenders, Salt approached the NACFB immediately and sought our assistance in redirecting business to alternative sources with the minimum of delay and inconvenience to members. Therefore, we are looking to provide immediate support to all our members, some of you who will be affected greatly by this news. We are also working with our Patrons once again to compile a list of those lenders who have the capacity still to do business in this sector. Please also refer to our agreement with Base Commercial reached last week.
 
With this in mind, the Chairman and I are once again asking for members and Patrons to work together to overcome the immediate hurdles and have put the following assistance in place:
 
  • In March a number of member Brokers indicated a willingness to consider the placement of Commercial First pipeline business on behalf of members unsure as to how they should proceed.  These same Brokers will be retained for the same purpose on behalf of Salt Commercial 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 further 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.
If there are any further developments in this situation I will of course inform you. In the meantime your Board is monitoring the position closely.

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