Lighthouse Group has issued a challenge to banks by launching a commercial lending service for its clients.
The IFA firm believes the commercial lending area presents many opportunities for advisers. Historically, customers have gone almost exclusively to their bank for commercial lending but the market is opening up and an increasing number of people are using IFAs who can source lending from a number of providers.
Lighthouse has agreements in place with key players in the provision of commercial finance. The panel will include the Bank of Scotland, NatWest, Lloyds TSB and Empire Direct.
However, as with all of Lighthouse's markets, advisers have a free choice as to who they deal with, providing it is the most appropriate product for the customer.
To advise competently on commercial lending, Lighthouse's advisers are required to be a member of NACFB (National Association of Commercial Finance Brokers).
The Company is also encouraging its advisers to study for the Certificate in Commercial Mortgages. For advisers currently without these qualifications, Lighthouse has signed a referral agreement with specialist commercial broker, the Commercial Mortgage Desk.
Malcolm Streatfield, chief executive of Lighthouse, said: "There is great potential in the commercial lending market and this service will enable our advisers to offer an even more comprehensive service to their customers."IFAonline
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