How We Select Specialist Property Finance Brokers

What we look for in a specialist broker

No single factor determines whether we consider a broker relevant to an enquiry. We may consider factors including the following, weighed together and in the context of the specific transaction:

• —Genuine experience in the relevant type of specialist property finance, rather than general lending.
• —Familiarity with the specific transaction type — for example auction purchases, refurbishment or ground-up development.
• —Access to specialist lenders and a working understanding of their criteria and appetite.
• —Responsiveness and the ability to act within the timescales a transaction demands.
• —Clear, jargon-free communication with borrowers throughout the process.
• —Transparency around likely costs, including their own fees and how they are charged.
• —A track record of handling comparable enquiries through to completion.
• —An understanding of valuation, legal and title matters that commonly arise on secured lending.
• —Development, auction and commercial lending capability where the enquiry calls for it.
• —The ability to structure more complex cases — for example special purpose vehicles (SPVs) and portfolios.
• —A sound professional reputation among borrowers and lenders.
• —The appropriate regulatory status where the enquiry falls within a regulated activity.
• —Proper handling of personal data in line with UK data protection requirements.
• —A clear complaints procedure available to clients.
• —Relevant professional indemnity insurance where applicable to the service provided.

Matching the broker to the transaction

Different transactions call for different expertise. The examples below illustrate the range of situations a specialist broker may handle. You can explore several of these in more detail through our guides on how bridging finance works and development finance.

When considering which broker may suit a transaction, we weigh a number of practical factors, including:

What we expect from broker partners

When we introduce an enquiry, we expect the broker to deal with the client professionally and transparently. In particular, we expect broker partners to provide:

• —Prompt contact with the client following an introduction.
• —A clear explanation of the broker's role in the transaction.
• —Disclosure of the broker's own fees before any commitment is made.
• —Clarity on whether advice is being provided and the basis of that advice.
• —Any regulatory disclosures required for the service being offered.
• —An effort to understand the client's objectives.
• —A realistic view of the likely costs involved.
• —No presentation of guaranteed indicative terms.
• —Communication of any material changes as a case progresses.
• —Managing expectations honestly, including where an enquiry may not be viable.
• —Keeping the client informed at each stage.
• —Maintaining confidentiality of the information shared.
• —Treating clients fairly throughout.

Why we do not publish a fixed broker directory

What happens after an introduction

1. 1

   You submit some initial information about the property, the finance required and your proposed timescale.

2. 2

   We review the enquiry and consider which type of specialist broker may be best placed to assist.

3. 3

   We introduce your enquiry to a broker we consider relevant to the transaction.

4. 4

   The broker makes contact with you to discuss the requirement in more detail.

5. 5

   The broker explains their service, their role and their own fees, and provides any applicable regulatory disclosures.

6. 6

   Where appropriate, the broker assesses the enquiry and provides the relevant advice.

7. 7

   You decide whether you wish to proceed with the broker on the terms they have set out.

There is no obligation to proceed merely because an introduction has been made.