First Merchant, a specialist commercial lender based in Surrey, will be paying out the three per cent rate from the second completion onwards, in any calendar year, from the 3rd June onwards.
The lender, which specialises exclusively on leasehold lending, now has over 3,000 brokers on its database, and currently pays a market leading commission rate of two per cent.
Emphasising his dedication to brokers, Richard Hamlin, Director of First Merchant, said: “2013 has been a brilliant year for us so far, as a 100 per cent introducer and specialist intermediary lender; we wanted to reward those brokers who have continually provided us with our business.”
First Merchant, lending since 1995, is a private finance house which lends exclusively to catering, leisure and retail businesses, providing loans from £25,000 to £1 million.
Until recently, First Merchant’s minimum loan size was £100,000; after unprecedented activity in this ‘lower zone’, however, the firm decided to reduce its minimum loan size to £25,000.
Such news is further evidence that the call for products which accommodate borrowers’ appetites within the market is getting increasingly loud, particularly from high-turnover leasehold businesses.
First Merchant provide repayment loans available over three and five year terms, with no drawdown or arrangement fees.
Richard added: “We hope that this increase on commission fees will encourage brokers to look more closely at this market – a market which is incredibly popular at the moment.
“We’re delighted to offer these higher rewards for brokers; we hope this multiple deal incentive will prove to be popular, particularly as the business sectors which we concentrate on are full of opportunity for the ambitious finance broker”.
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