FP Show: New products and incentives

FP Show exhibiting lenders yesterday announced a number of launches, both product and market, and new incentives at the inaugural Show.

In the opening seminar of the day, Barry Evans, Regional Director, South West & South Wales at RBS/NatWest, told visitors that the Bank was officially returning back to the broker marketplace tomorrow and has re-joined the National Association of Commercial Finance Brokers (NACFB).

Adam Tyler, CEO of the NACFB, told B&C: “We’ve worked with them for the past four to five months and it’s great news that they are back after a two-year absence. Their re-emergence is great news for the SME market and they’ll be working with 50 NACFB broker members to begin with.”

Dragonfly Property Finance launched a new three-year Commercial Term loan of up to £10 million. Dragonfly’s Commercial Term product is a three-year fixed-rate loan priced at 9.99% a year, available on property purchases and refinancing.
 
Mark Posniak, Head of Sales & Marketing at Dragonfly Property Finance, said: “We’re flying. It’s a fantastic start and it has exceeded all of our expectations and its only midday. Once again, the people attending actually want to talk about deals and there is already business in the pipeline.”

Crucially, the borrower has the option to defer 2 per cent pa until repayment of the loan, which reduces the pay rate to 7.99 per cent pa.
 
The Commercial Term product is available on a minimum loan size of £500,000, up to a maximum of £10 million, on loans to value of up to 60 per cent.

InterBay Commercial launched a triple broker incentive, off the back of a pre and post-credit record month of loans in October. The first incentive will see the lender refund half of the booking fee for qualifying completions in the month of November. Secondly, Clarke Wilmott has agreed that for all instructions from InterBay borrowers up to the 13th December 2013, they will discount their fees by 12.5 per cent. Thirdly, our lawyers Paris Smith LLP, have also agreed to reduce their lender legal fees by 10 per cent for qualifying completions in November 2013 as well, another saving directly for the borrower.”

Andy Reid, National Key Account & Relationship Manager at InterBay Commercial, said: “The FP Show was a success for us as a significant number of our key partners and their introducing brokers were very positive about our products and incentives. This is the ideal platform to meet a wide audience in one day.”

Shawbrook this week also launched a new product feature for existing clients on all new applications. Clients who have been party to a completed loan with Shawbrook can take advantage of either a discount on the margin or a reduction in the arrangement fee on their next loan. The precise discount will vary across products and the client can choose the discount that best suits their needs.

Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank said: “As a bank which doesn't compete with our brokers by selling directly to clients, we are always looking for ways to add innovation to our product design that give the brokers the opportunity to drive more business. This discount is not a year-end gimmick to drive our volumes - it’s a genuine feature change that we hope will increase brokers’ repeat business from their customers.”