Issuu

Issue 127 | Q3 2026

14 False expertise

26 Value adding

Who owns the client? Changing risk, changing relationships

52 The next frontier

67 Following the trail

Specialist banking support for healthcare providers

Talk to us today Our specialist healthcare team can help you explore the right deal for businesses of any size.

Search HSBC UK Commercial Brokers or scan the QR code

HSBC UK Bank plc. Registered in England and Wales (company number: 9928412). Registered Office: 1 Centenary Square, Birmingham, B1 1HQ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 765112). AC69928

In this issue

Issue 127 | Q3 2026

NACFB Sponsors 2026

NACFB news 4 6 8 10

Note from Jim Higginbotham NACFB Commercial Lender Awards 2026 NACFB News HSBC UK: Note from headline sponsor

Patron profile 12

Factored: Beyond bricks and mortar

Compliance update 14

NACFB: Everyone’s an expert now

Ask the expert 16

Nivo: The real AI revolution

Everyone’s an expert now Why brokers should focus on substance, not style

Special features 18 22 24 26 28 30 32 38 42 44 46

NACFB: Whose client is it anyway? Vamos: Oh no, not another AI thing… Secure Trust Bank Real Estate Finance: New priorities Investec Asset Finance: Value add StreamBank: Keeping things flexible Colenko: Beyond the bridge Funding Circle: Rachael Raymond is making things better HSBC UK: Cashflow by design Momenta Finance: Beyond the stats GB Bank: Unshaken confidence Fleximize: Filling the gap

Industry insights 48 50 52 54 58 60 62 64

Abcor Finance: What my teenager taught me about funding growth MSP Capital: Consistency and confidence Triodos Bank UK: The next frontier Metro Bank: A new middle ground Skipton Business Finance: The perfect match? Lendco: Trust vs AI Swishfund Ltd: Beyond the rate Close Brothers: Making their move

Meet Rachael Raymond Funding Circle’s Head of Broker

Opinion & commentary 67 70 72 74 76 78 80 82 86

Hilton-Baird Financial Solutions: Sticking to the trail Proplend: The case for commercial Aldermore: Making capital work Lakeshield: Thinking outside the box Charles Street Finance: Turning heads Finativ: From proposal to payout Unity Trust Bank: Care homes and social care FLA: Growth begins with a decision to invest Five minutes with: Charissa Chang

Five minutes with Charissa Chang

The team behind the magazine Kieran Jones Editor & Feature Writer Kieran.Jones@nacfb.org.uk

Laura Mills Communications Manager Laura.Mills@nacfb.org.uk

Elizabeth Weller Content Marketing Specialist Elizabeth.Weller@nacfb.org.uk

Samantha Scales Graphic Designer Samantha.Scales@nacfb.org.uk

Jenny Barrett Membership Manager Jenny.Barrett@nacfb.org.uk

Sophie Olejnik Digital Marketing Executive Sophie.Olejnik@nacfb.org.uk

Amber-Jane Roye Graphic Designer Amber-Jane.Roye@nacfb.org.uk

Pensord Production pensord.co.uk

NACFB | Welcome

Jim Higginbotham Chief Executive Officer NACFB

No summer slowdown... T

here has been no easing into summer at the NACFB. From the heat and energy of this year’s Commercial Finance Expo to a fantastic Summer Party, the past few months have felt every bit as busy as they have bright. The sun may have been shining, but there has been little opportunity to sit back and soak up the rays. Life aboard the good ship NACFB continues at full speed. Both our Commercial Broker Awards and Commercial Lender Awards are progressing strongly, with record levels of engagement across the board. We never take that participation for granted. These programmes only carry weight because of the time, care and enthusiasm invested by our Members, Patrons and Partners, and I want to thank everyone who has entered, voted, supported and championed the work of others. There is plenty more on the horizon. In the months ahead, we will be sharing important developments around a refreshed set of community standards, strengthening the framework that underpins what it means to be part of the NACFB. Behind the scenes, we are also investing significant effort and energy into improving the digital experience of our community, with a new-look website and the technology needed to support a more connected, intuitive and useful relationship with the Association. All of this is happening while the day-to-day work continues: representing the sector, supporting our community and creating opportunities for brokers, lenders and Partners to engage. This edition captures that momentum well. Many of the themes explored in these pages were also aired in the conference theatre at this year’s NACFB Expo. It is encouraging to see those conversations continue, deepen and, in some cases, challenge us further. The summer may be moving quickly, but our focus remains fixed: to keep listening, improving and delivering for the community that makes the NACFB what it is.

NACFB | NACFB news

NACFB Commercial Lender Awards 2026 open for submissions

ast month, the NACFB Commercial Lender Awards 2026 officially opened for entries, celebrating lending excellence and recognising the unwavering support of the industry’s service providers. With the submission deadline fast approaching, entrants have until 5pm on Monday 7th September to submit their entries. This year, NACFB Patron lenders and Partner suppliers can submit entries across 24 award categories, including a brand-new addition that reflects the commercial finance sector’s evolving priorities. The Women’s Advocate Award recognises an individual or organisation that has demonstrated a clear and sustained commitment to championing and advancing the role of women within the commercial finance industry. Open to both NACFB Patrons and Partners, this category celebrates those who are actively driving meaningful change through advocacy, leadership, and practical action that improves representation and opportunity across the sector. This year’s category changes include a clearer distinction between Bridging Lender of the Year, which recognises specialist property finance, and Short-Term Lender of the Year, which focuses on lenders resolving urgent, time-sensitive funding needs, alongside the introduction of Business Loan Lender of the Year in place of the former Unsecured Lender category. All participating lender Patrons will be entered automatically into the prestigious NACFB Commercial Lender of the Year award. As with previous years, a carefully selected panel of industry experts will review all submissions to determine a shortlist in each award category. Every entry will be reviewed fairly and individually, with the shortlist drawn on merit. In the interest of fairness and transparency, categories that do not award an individual will be anonymised for judges’ selection.

The full list of categories for the NACFB Commercial Lender Awards 2026 is: • • • • • • • • • • • • • • • • • • • • • • • •

Asset Finance & Leasing Lender of the Year BDM Team of the Year Bridging Finance Lender of the Year Business Bank of the Year Business Loan Lender of the Year Buy-to-Let Mortgage Lender of the Year Commercial Mortgage Lender of the Year Community Lender of the Year Development Finance Lender of the Year Emerging Lender of the Year Industry Leader of the Year Industry Supplier of the Year Intermediary Advocate of the Year Invoice Finance Lender of the Year Marketing Team of the Year Pioneers of the Year Rising Star of the Year Service Excellence Award Short-Term Finance Lender of the Year Specialist Lender of the Year Sustainability Champion of the Year Underwriting Team of the Year Unsung Hero of the Year Women’s Advocate Award – NEW FOR 2026

The shortlist will be revealed in mid-October at which time NACFB Member brokers will be invited to cast votes for the Patrons and Partners of their choice in each category. A bespoke weighting is used for each category to calculate the final results, blending judges’ scores with the industry vote. The winners will be revealed at a glamorous ceremony which returns to the Westminster Park Plaza, London on Thursday 26th November 2026. To enter, before Monday 7th September, visit commerciallenderawards.co.uk

Let’s pick this up in September

today For loans that can’t wait

#LoansCantWait

NACFB | NACFB news

NACFB nears full Assurance participation The NACFB is approaching full participation in its annual Assurance programme, with the final group of Member firms now invited to begin their review.

ssurance is a key part of NACFB membership and provides an independent assessment of the standards, controls and procedures that underpin each Member firm. The process is designed to help brokers demonstrate their regulatory adherence, business integrity and commitment to delivering consistently good outcomes for clients. Each review combines an online assessment with the submission of supporting documentation across a range of areas relevant to the way a commercial finance brokerage operates. Members also speak directly with an NACFB Assurance officer, giving firms the opportunity to discuss their processes, ask questions and receive practical guidance. The programme is intended to be

supportive and constructive, helping Member firms identify where their procedures are working well and where further improvements may be beneficial. Where additional action is required, the Assurance team works with the firm to provide direction and help it make the necessary changes. Achieving Assurance status enables Members to distinguish themselves from brokers outside the NACFB community by demonstrating that their business has been independently reviewed against the trade body’s recognised standards. The Assurance badge provides a visible mark of professionalism that can be displayed to clients, lenders, professional introducers, and peer brokers. Sarah Cunningham, the NACFB’s head of compliance and assurance, said:

“It is fantastic to see so many Members completing our Assurance process and demonstrating the high standards found across our community. “We encourage the remaining firms to begin their journey and speak with our team about any questions or concerns they may have. Assurance is a supportive process designed to help Members strengthen their businesses and showcase the quality of their work. “By taking part, Members are not only investing in their own firms, but helping us reinforce the NACFB’s position as the home of responsible broking.” The remaining Member firms are encouraged to begin the process as soon as possible and contact the NACFB Assurance team for support where required.

Key dates for 2026/7 NACFB Funding Future Growth: Supporting brokers across Scotland: 3rd September 2026 | Glasgow | 10:00 - 13:00 NACFB Commercial Broker Awards: 11th September 2026 | Manchester | 13:00 - 19:00 NACFB Funding Future Growth: Supporting brokers across the South East: 14th October 2026 | Canterbury | 10:00 - 13:00 NACFB Commercial Lender Awards: 26th November 2026 | London | 18:00 - Late NACFB Funding Future Growth: Supporting brokers across the South: 2nd December 2026 | London | 10:00 - 13:00 NACFB Commercial Finance Expo: 16th June | Birmingham | 09:30 - 16:30

10 NACFB | Note from our sponsor

Backing healthcare and dental SMEs Sector insight from HSBC UK at the NACFB Expo Ian Coulson Head of Commercial Brokerage HSBC UK

ealthcare and dental businesses sit at the heart of their communities, and they’re also a key part of the UK’s SME landscape. From the commercial banking brokerage team at HSBC UK, we’re focused on helping brokers and their clients make confident decisions – bringing sector-led insight and straightforward access to the right specialist support. Danielle Hook, head of healthcare at HSBC UK, leads our healthcare focus and helps shape how we engage with the sector. She works closely across our business to ensure our approach reflects what operators are dealing with day-to-day – balancing patient demand with staffing pressures, planning for expansion, and investing in equipment and premises to keep pace with expectations. Danielle recently represented HSBC UK Healthcare at the NACFB Expo, speaking on the Sectoral Story panel.

Her message was clear: healthcare businesses are ambitious and forward-looking, but they benefit most when funding conversations are grounded in how the sector really works – its operating rhythms, investment cycles, and the practical realities behind cashflow and performance. The panel was also a valuable opportunity to share perspectives with the broker community and to hear what you’re seeing across your client base. For the CMB brokerage team, this is exactly where we aim to add value. Brokers want a bank that understands the sector, responds quickly, and brings the right people into the conversation early. Our role is to make that easier – bringing you and your clients into informed conversations early, and shaping solutions that support your clients’ plans, whether they’re acquiring, refinancing, expanding, or preparing the business for its next phase. We value our partnership with the NACFB and its Members, and we’re keen to keep the dialogue going following the NACFB Expo. If you’d like to discuss a healthcare opportunity or explore how we can support your clients, contact us at uk.broker.scheme@hsbc.com.

Brokers want a bank that understands the sector, responds quickly, and brings the right people into the conversation early

12 NACFB | Patron profile

Beyond bricks and mortar Unlocking the value of rental income

David Rabee Co-Founder Factored

We would rather be known for doing one thing reliably at scale than for a wide product menu

Ben Schuldenfrei Co-Founder Factored

actored exists because of a gap nobody was positioned to fill. UK property finance is well served at most levels. Bridging lenders move quickly on secured deals and have become far more competitive. Specialist buy-to-let lenders offer term products that were unimaginable a decade ago. Unsecured business lenders have transformed working capital for trading SMEs. The gap sits between them: a landlord who needs a modest sum quickly, where a valuation and legal process would cost more than the requirement justifies, and where affordability models built for trading businesses do not read rental income well. That landlord, facing a boiler failure, a refurbishment or a tax bill, too often lands in no man’s land. We started Factored to serve exactly that landlord, as a complement to the rest of the market rather than a competitor to it. The model is simple: we advance future rent upfront. A landlord’s most reliable asset is often not the bricks but the

income they produce, so rather than securing against the property, we unlock the next few months of rental income today, on terms up to twelve months, funded within 24 hours of approval. We have factored thousands of tenancies across the UK, backed by institutional investors including SFC Capital, Second Century Ventures and Plug and Play, alongside a substantial debt facility that gives us capacity to scale with our broker partners. Relationships are the focus of how we operate. Our team across sales, operations and legal is trained to be quick and personal, so when a broker or landlord calls, they speak to someone who knows the case, gives a straight answer and picks up the phone next time too. Speed without a relationship is just a transaction. We want brokers to know exactly who they are dealing with, and landlords to feel they are talking to people who understand rental businesses, not a portal. A typical deal starts with a broker introduction, usually a landlord needing funds for works, a void period or a timesensitive purchase cost. The process is deliberately light: a short conversation, minimal paperwork and a decision in hours rather than weeks, with no valuation or lengthy security process to wait on. Once terms are accepted, documents are signed electronically, and funds are drawn down within 24 hours. The landlord receives months of rent in one payment today, and repayments track the rental income as it comes in, with early re-payers paying less. The client has an answer the same day they asked the question. The year ahead is about depth rather than novelty: growing the broker channel, which already accounts for the majority of our volume, investing in automation so decisions get faster without getting looser, and building more of the personal relationships the business runs on. We would rather be known for doing one thing reliably at scale than for a wide product menu.

We think the smaller end of property finance is where the lender and broker dynamic is changing fastest. Brokers have historically struggled to justify time on modest requirements, so those clients were often turned away or left to expensive consumer credit. Technology is changing that. If a lender can take a case from introduction to funds in a day, a small deal becomes worth a broker’s time, and usually the start of a relationship. The landlord who borrows well today refinances a portfolio tomorrow. Often the right answer for a client is a bridge, a term product or a remortgage, and the brokers we rate most highly are the ones who place each requirement where it genuinely belongs. The wider pressure on landlord SMEs makes this segment more important, not less. Research by Pegasus Insight found landlords spend between 25% and 45% of gross rental income on running costs, with maintenance and repairs accounting for 31% to 39% of expenditure. Add Making Tax Digital, the Renters’ Rights Act and the move to a minimum EPC rating of C, and cashflow demands are rising faster than rents. Our hope for the sector is a market where every requirement, large or small, has a well-designed home, and rental income is recognised as the fundable asset it is. Landlords are one of the largest and least served SME populations in the country. Serving them well, personally and at speed, alongside brokers and the rest of the lending market, is the whole of our plan.

Relationships are the focus of how we operate

14 NACFB | Compliance

Everyone’s an expert now AI can make weak complaints look formidable – why brokers should focus on substance, not style

Sarah Cunningham Head of Compliance & Assurance NACFB

Never reject a concern simply because the wording is grandiose, repetitive or machine-like

here is a new sort of email landing in our Members’ inboxes. It is long, sternly formatted and apparently written by someone with deep expertise in FCA regulation, the Financial Ombudsman Service, contract law, data protection and, occasionally, human rights. It may quote several scary rules, demand compensation within seven days and promise escalation to every authority from Canary Wharf to The Hague. And, for a broker who has never received a complaint before, it can be deeply unsettling. The NACFB has recently heard from a few Members faced with correspondence of this kind. In the examples shared with us, the legal weight of the language was not matched by the substance beneath it. Rules had been misquoted, regulatory regimes blended together and the Financial Ombudsman invoked where its relevance was uncertain. Some passages were contradictory; others appeared to have even been invented. Because, you see, the likely author was not a specialist solicitor. It was artificial intelligence.

A complaint is still a complaint That does not mean AI-assisted complaints should be dismissed. A customer may have a legitimate grievance but

struggle to express it clearly. Used sensibly, AI can help someone organise a timeline and explain the outcome they are seeking. The use of a tool does not make the underlying concern less real. The FCA’s definition of a complaint is deliberately broad. It includes oral or written expressions of dissatisfaction, whether justified or not, alleging financial loss, material distress or material inconvenience. Firms should focus first on what the customer is saying, not whether the prose sounds suspiciously like a junior barrister addressing the Supreme Court. Treating a complaint seriously does not, however, require accepting every assertion within it. Serious handling means acknowledging it, recording it, investigating it and reaching a reasoned conclusion. It does not mean being frightened into conceding points that are factually wrong or legally irrelevant.

Remove the wig and gown The simplest response to an intimidating complaint is to strip it back. What happened? What specific act or omission is challenged? What loss, distress or inconvenience is alleged? What evidence supports it? What remedy does the customer want? Which firm, product and transaction are involved? Once those questions are answered, the volume of legal terminology often becomes far less important. Warning signs of AI-generated ‘legal fog’ include regulations quoted without connection to the facts; references that do not exist or say something different; unrelated legal frameworks piled together; accusations presented as established findings; unrealistic deadlines; and pages of argument built around a thin account of what happened. These are reasons to check the complaint carefully, not to ignore it. Never reject a concern simply because the wording is grandiose, repetitive or machine-like. A poorly prompted letter can still contain a good point, just as an elegant one can be entirely wrong.

Check the perimeter Jurisdiction also needs proper thought. The Financial Ombudsman’s reach depends on factors including the activity concerned, where it was carried on, whether the complainant is eligible and whether the referral was made in time. Not every mention of FOS is valid. Nor should a firm automatically conclude that an unregulated transaction must always sit outside its scope; the position should be checked against the particular

facts. Where the FCA complaints rules apply, Members must maintain effective and transparent procedures for reasonable and prompt handling. They must investigate competently, diligently and impartially, assess the complaint fairly and explain their decision in a way that is fair, clear and not misleading.

Do not join the arms race The wrong response to an AI-generated complaint is an AI-generated counterattack. Asking another tool for ‘the strongest possible legal rebuttal’ risks escalating the tone, repeating errors and inevitably creates correspondence nobody fully understands. Keep your response calm, factual and proportionate. Address the actual allegations. Correct inaccuracies without ridicule. Set out the evidence considered, the conclusion reached and any remedial action offered. Where a cited rule is irrelevant, explain why briefly rather than writing three pages to defeat it. Members should also use the support available. The NACFB provides complaints guidance, template correspondence and complaint-log templates, while the compliance team can help Members work through unfamiliar or concerning cases. AI has not made everyone a lawyer. It has made lawyer-shaped language available to everyone. That can give a weak complaint an imposing silhouette, but silhouettes should not frighten a well-run firm. Take the person seriously. Test the substance carefully. Follow the correct process. Then respond to the complaint that exists, rather than the one its vocabulary is trying to impersonate.

The NACFB provides complaints guidance, template correspondence and complaint-log templates, while the compliance team can help Members work through unfamiliar or concerning cases

16 NACFB | Ask the expert

The real AI revolution

Matthew Elliott Co-Founder and Chief Commercial Officer Nivo

What happens before the lender sees the case Q: When brokers picture “AI”, they tend to think speed. Is that the real opportunity? Speed is the headline, but it sells the thing short. The bigger prize with AI is getting rid of the work altogether, not just doing it faster. A lot of broker admin only exists because the process creates it in the first place. Our research across 100-plus firms found fewer than half of applications are right-first-time. So, for every two cases, at least one needs reworking before it can move forward. The win isn’t doing that rework quicker. It’s making sure it never has to happen. Q: Where is the bottleneck on those applications? It’s almost always document collection, right at the start of the process. Underwriting tends to be fine once a case lands in good order. The pain sits upstream. Incomplete files, photos instead of scans, missing pages, payslips that are out of date. One bad document kicks off a lender query, which

sends you back to the client, which adds a delay. The chain of communication around document collection is why a typical case racks up 15 to 20 message rounds and can drag on for one or two months instead of days. Q: What does implementing AI actually look like, day to day, for broker firms? Think of it less as implementing “new software” and more like adding an admin teammate who works 24/7. You don’t have to rip out your existing CRM or ask clients to log into yet another portal. The agent works over email, the channel everyone already uses. It gathers what’s needed, checks it against your criteria, and chases anything missing, all before a human picks the case up. The gathering and checking of documents is moved to the front of the process, so cases arrive packaged and right first time. Q: What impact could this have on broker businesses? In our early deployments, we have

Our research across 100-plus firms found fewer than half of applications are right-first-time

observed that firms are getting six to eight hours per case back, with an increased number of right-first-time cases with fewer dropping out. Right now, without this AI, broker firms might see 20% to 50% of perfectly decent cases stall or lost to friction. Remove this wastage and it’s real capacity back in the business. The promise we make is a simple one: grow without hiring. Put your best people on advising and structuring, not chasing documents. Q: Is there anything brokers should be realistic about? Plenty. It’s important to be clear that AI isn’t going anywhere near structuring a case, identifying a client’s motivations and priorities, or working a lender relationship. Basically all of the human elements of a broker role remain firmly human, and humans stay in the loop on every decision. These agents handle the admin scaffolding around your expertise so you can use that expertise more often and with greater focus. I’d be straight with anyone weighing up how to start with AI. Start narrow. Pick the part of your process where the most rework occurs, measure rightfirst-time case before and after trialling an AI agent, and let your own numbers make the case. Don’t buy the hype, buy the result.

18 NACFB | Special feature

Kieran Jones Head of Communications & Advocacy NACFB

Whose client is it anyway? A familiar industry question is being redrawn by risk, reward and responsibility

efore I wade into broker agreements, trail commissions, clawback provisions and the philosophical question of whether a commercial finance client can ever really be ‘owned’, I must start with a confession. When I write these articles, I do not only want to relay the facts, bounce over the arguments and arrive neatly at a conclusion. I want an image. A metaphor. Something that does a bit of the work before the first quote or policy change has even appeared. I know this to be a failing of mine. It may be the sort of thing that makes colleagues sigh and readers wonder why a perfectly sensible article about intermediary-led finance has suddenly become a meditation on bridges, rivers, weather systems or, on one especially difficult afternoon, airport baggage reclaim. But I am sticking to type. Because the question of who owns the client is not really a straight-line argument. It is not a baton being passed from broker to lender, or a parcel changing hands at drawdown. It is messier than that. More crowded. More dependent on timing, judgement, direction and who believes they have right of way. So, dear reader, buckle up. This one starts at a junction. Not a tidy crossroads, with one road in and one road out. More like a six-lane roundabout at rush hour, with arrows painted over older arrows, traffic lights that do not always speak to one another, and drivers who are not quite sure who should move first.

The client is trying to get somewhere. A broker may have brought them onto the road. An accountant may have pointed them in that direction. A lender may control the next set of lights. A platform may have shaped the route before anyone has picked up the phone. Around them sit introducers, networks, compliance teams, credit committees and business development managers, all watching the same movement from different angles. Everyone can see the client. Everyone has some influence over the journey. Yet no one can credibly say they own the road. That is the awkward truth behind one of commercial finance’s oldest questions: who really owns the client? For years, the industry has lived with a loose answer. Brokers own the relationship. Lenders own the facility. Clients choose where they go. It sounds neat enough until the traffic starts to bunch. The borrower defaults early. The information proves thin. The client returns directly to the lender. Commission disclosure raises its head. A broker agreement is pulled from the drawer and read with fresh eyes. Suddenly the lane markings look faint.

The broker’s lane John Phillipou put the tension plainly last year. In an interview with me for Commercial Broker, the FLA Chair argued that brokers often want to own the client relationship when things are going well but are less keen to own it when things go wrong. In those moments, he suggested, lenders can be left carrying the can. It was a sharp observation because it touched something real.

Brokers do build relationships. Good ones are not simply forwarding a name and a phone number. They are diagnosing the need, shaping the proposition, testing the client’s expectations, finding the lender most likely to understand the case, and often helping a business that has already been turned away elsewhere. NACFB Members helped UK businesses secure more than £33 billion in finance in 2025, across around 180,000 loans. This is not a side road in SME finance. It is part of the main carriageway. Brokers reported considering an average of six lenders per deal. More than a quarter said clients had been declined elsewhere before approaching them. In those cases, the broker is not an introducer in any thin sense of the word. They are the person who knows which route may still be open when the obvious one has been blocked. That is why brokers bristle when client ownership is treated as a lender question. The client may have come to the lender only because the broker knew where to send them. The broker may know the history, the pressure points, the borrower’s temperament and the gap between what the client says they want and what they actually need. A relationship like that is not incidental. It is real graft. It has commercial value.

The lender’s lane The lender sees the same junction from another position. Once the case reaches credit, the lender is the party putting money at risk. It prices the deal, funds the borrower, services the facility, manages arrears and absorbs the loss if the loan fails. If the

outcome deteriorates, the lender cannot step out of the vehicle and point back down the road. That is where the tension hardens. The broker may have shaped the route, but the lender operates the toll booth, checks the vehicle, sets the speed limit and owns the crash barrier. Lenders are therefore paying closer attention to what reaches them, how it has been packaged, and what responsibility should remain with the broker after completion. The NACFB has seen more lenders reviewing broker agreements, with terms around recourse, clawback and information accuracy appearing where they did not previously exist, or being applied with more intent. Brokers can see that as lenders repainting the junction in their own colours. Lenders can see it as long-overdue discipline in a market that has outgrown informal understandings. The question is not whether lenders should protect themselves. Of course they should. The question is how far that protection

The client cannot be owned. But the route around them can be made clearer

20 NACFB | Special feature

should travel. If a broker gives inaccurate information, hides relevant facts, or pushes a case into the wrong lane, the lender has every right to respond. If a lender makes its own credit decision on properly supplied information, then normal lending risk should not be pushed back onto the broker by another name. The industry needs to be much clearer about the difference between influence and control. Brokers influence the client journey. Lenders control the credit decision. Those roles overlap, but they are not the same.

The direct exit Funding Circle’s recent policy change brings the whole issue into view. From April this year, the lender said it would change how it handles ‘broker-owned’ borrowers who later apply directly. Previously, some of those clients were referred back to the broker. Funding Circle said its data showed more than 50% of referred borrowers did not return via the broker, leaving a missed opportunity. Under the new approach, Funding Circle will process those applications directly and pay the broker a 1.5% trail commission on the base offered amount for the first direct loan. In junction terms, this is the client who originally entered through the broker lane, then later takes the direct exit. The lender can see the borrower in front of them. The borrower wants to keep moving. The broker may still feel they created the relationship. Sending the client back round the roundabout may protect the broker, but it may also slow the client or lose the deal altogether. The new model tries to recognise both facts: the broker originated the relationship, but the client has chosen a different route this time. No one will find that entirely satisfying. Brokers may worry that lenders are turning broker introductions into direct books. Lenders will question whether a broker should retain control over a borrower who has actively come back direct. Clients, meanwhile, are unlikely to care much about the industry’s internal map. They want the finance arranged. That is why returning clients are such a flashpoint. They expose the weakness of the old language. What does broker-owned mean? For how long? Across which products? Does it survive a direct approach? Does it survive a change in relationship, need or channel? If the market does not answer those questions in advance, it will answer them in disputes.

Better road markings The phrase ‘client ownership’ may be the wrong starting point. It turns the borrower into the object of a contest. It suggests possession. It invites brokers and lenders to ask who gets to claim the client, rather than what each party owes them. The junction is a better image because it accepts movement. Clients do not stay in one lane forever. They return, refinance, go direct, seek fresh advice, use platforms, speak to accountants

and change their minds. That is not a defect in the system. It is simply how businesses behave. The task then is not to stop that movement. It is to make the rules around it clearer. Brokers should be recognised for the value they create in originating, advising and navigating the market. Lenders should be recognised for the risk they carry once a facility is written. Clients should be told, plainly, who is doing what, who is being paid, what happens if they go direct, and where responsibility sits if the position changes. A mature market does not need everyone to pretend the tension has disappeared. It needs the tension managed honestly. That means broker agreements that protect lenders without turning brokers into underwriters by proxy. It means commission models that recognise origination without pretending a client can be tied to one route forever. It means disclosure that helps the borrower understand the journey, not simply a compliance line inserted at the right point in the paperwork. It also means accepting that ownership of the relationship and ownership of the risk cannot sit in entirely separate lanes. If brokers want their role as relationship-holder properly recognised, there will be moments where that role carries responsibility beyond completion. If lenders want brokers to share more accountability, they need to be clear about where that accountability begins, where it ends, and what remains firmly within the lender’s own control. The client cannot be owned. But the route around them can be made clearer. And so, we end where we began: at the junction. The broker has a lane. The lender has a lane. The client may move between them more freely than either side would sometimes like. The answer is not to argue endlessly over who has right of way, but to make sure the signs, signals and responsibilities are clear enough that the borrower can reach the right destination. In a market built on shared journeys, clearer road markings may matter far more than another argument over who owns the road.

At 4Syte we work closely with our introducers to help their clients get the right funding solution, with real people behind every conversation and every deal.

Nationwide Support. Local Conversations.

MANCHESTER - M3 3HF

BANBURY - OX15 4FF CHELMSFORD - CM1 1NH LONDON - EC4A 1JQ

We are pleased to announce the opening of our new office in the heart of Spinningfields! 3 Hardman Street, Manchester M3 3HF

22 NACFB | Special feature

Oh no, not another AI thing… A 100% human-written editorial Richard Huston CEO & Co-Founder VAMOS

t’s hard not to be a bit exhausted by it sometimes – headlines dominated by AI, AI adverts popping up during the World Cup, and the lingering question of whether AI will eventually do us all out of a job… My recommendation would be to ignore most of that though. The AI company CEOs have a vested interest in making AI seem big, scary and inevitable – it keeps billions of dollars of investment flowing in their direction. Instead, think of AI as just a tool – not a superintelligence, not something that can replace people, and not something that has a mind or a will of its own – just another bit of technology that can be useful in some circumstances (and if this hype-free view of AI sounds appealing, I strongly recommend reading ‘AI as Normal Technology’). And slowly but surely I think this is where many people are getting to with AI – finding ways to make it useful in their day-to-day work, to take away little bits of tedious admin here and there. But if you see anyone talking about ‘digital employees’ (the phrase actually makes my blood boil a bit every time I see it), treat them with a healthy degree of scepticism. Anyone who tells you AI can straight up replace people usually has a big crate of snake oil they would like to sell you… I’ve spent the past four years completely immersed in the world of AI, using every new and exciting AI model and tool that comes out,

but I don’t see anything that could replace people. Tasks – yes; people – no. AI is excellent, absolutely excellent, at assisting with work tasks – but when all the AI company CEOs predict that AI will take over all white-collar jobs, they misunderstand two important things: •

A job is more than just a set of tasks, and people are much more than just task-completing machines. A person brings judgement, experience, relationships, initiative…

•

The amount of work to be done is elastic, not fixed: if I gave you the ability to do your current work twice as fast using AI, you wouldn’t just kick your feet up the other half of the time – you would get on with selling more and growing your business.

And I’ve seen this in practice: we’ve been deploying AI for lenders, and it doesn’t replace people – it’s just a new tool for teams to get more done, and when you put that tool in their hands, they use it to deliver faster, better service and grow the business – and as an added bonus they also enjoy their jobs more. This is why I continue to find AI exciting.

Anyone who tells you AI can straight up replace people usually has a big crate of snake oil they would like to sell you…

Rocket

fuel for your clients’

business For your clients starting a new business or growing an existing one, using equity in their home can open up new frontiers. • Borrow £25,000 to £250,000, repay over 1 to 15 years • Choice of interest-only payments for up to five years

2oc%Fee

Pr d to NACFB pai rs membe

• Low cost early settlement • Guarantee required and security over residential or BTL property With a Finsec Secured Business loan to power their business ambitions, the sky really is the limit. For a decision within hours (not days) call us on

0208 731 3087 www.finsec.co.uk | enquiries@finsec.co.uk Finsec Limited is a company registered in England and Wales, company number 04602134. 16 Great Queen Street, Covent Garden, London, WC2B 5AH. For intermediary use only. Finsec Limited is authorised and regulated by the Financial Conduct Authority.

24 NACFB | Special feature

New priorities What matters most to bridging borrowers today Jamie Jolly Head of Bridging Secure Trust Bank Real Estate Finance

or a long time, bridging finance has been synonymous with speed. It is the foundation on which the product has been built. When opportunities arise or deadlines loom, borrowers need confidence that funding can be delivered quickly. It’s one of the sector’s most compelling selling points and rightly so. However, in today’s market, speed alone is no longer enough. Increasingly, borrowers are asking a different question: can you get this deal done? In my experience, certainty of execution is now just as important as the pace of a transaction – if not more so. This shift largely reflects the environment we’re operating in. Borrowing costs are higher, planning timelines can be unpredictable, property values can fluctuate, and the broader economic outlook remains uncertain. As a result, transactions have become more complex, with more variables at play. It’s no surprise that borrowers are seeking lenders who can offer confidence alongside speed. For brokers, this marks an important evolution. While turnaround times remain relevant, conversations with clients now go further. The focus is on whether a lender has the appetite, expertise and flexibility to support a deal from initial enquiry through to completion. The hidden cost of getting this wrong can be significant. A delayed or failed transaction doesn’t just impact a borrower financially – it can also affect future opportunities, relationships

and reputations. For brokers, placing a deal with a lender that later changes its position or struggles to deliver can quickly erode trust built up over many years. This is why certainty matters. It doesn’t mean guaranteeing that every deal will complete – property transactions are rarely straightforward, and challenges will always arise. Instead, certainty comes from consistency. It means working with lenders who take the time to understand the asset, ask the right questions early, communicate openly throughout the process and remain committed to finding solutions. Brokers should also look beyond headline turnaround times when selecting a lending partner. Experience, transparent communication and a willingness to engage with the nuances of a transaction often prove just as valuable as the ability to issue a quick indication. Speed will always have its place in bridging finance – it is fundamental to the product. But in a more complex and competitive market, certainty has become the quality borrowers value most. Brokers who recognise this shift, and align themselves with lenders who deliver consistently on their commitments, will be best placed to build lasting relationships and achieve successful outcomes.

Certainty of execution is now just as important as the pace of a transaction – if not more so

power

for you

Unlock potential where others see limits Powering your clients’ growth with our flexible lending and expert team: Î Asset finance Î Invoice finance Î Commercial and residential mortgages Î Property development

Find out more here FOR INTERMEDIARY USE ONLY. Subject to status. Security may be required. Any property or asset used as security may be at risk if you do not repay any debt secured on it. Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204503). Registered Office: Apex Plaza, Forbury Road, Reading, RG1 1AX. Registered in England. Company No. 947662. Invoice Finance, Commercial Mortgages, Property Development, Buy-To-Let Mortgages and Asset Finance lending to limited companies are not regulated by the Financial Conduct Authority or Prudential Regulation Authority. Asset Finance lending where an exemption within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies, is exempt from regulation by the Financial Conduct Authority or Prudential Regulation Authority.

26 NACFB | Special feature

Value add Stuart Hughes Head of Broker Sales Investec Asset Finance

Three ways technology will make the asset finance broker more valuable, not less

nvestec Asset Finance is marking 20 years. Over that time, the industry has adapted to new broker and customer expectations. The next five to ten years will bring another wave of change, driven by technology, better data and the growing use of AI. But the central point is this: those tools will make brokers more valuable, not less. Asset finance remains a people business because every customer is different, and the assets and circumstances involved are often more complex than a screen journey can capture. We will see quicker submissions, faster decisioning and cleaner documentation. Some will assume this removes the need for brokers. In reality, it raises the bar for what a good brokerage looks like. Customers are not buying technology. They want the right asset in place, funded in the right way, with momentum preserved. They want judgement, coordination and confidence, especially when time is tight.

Suppliers need reassurance. Customers change priorities. Technology can reduce friction, but it cannot take accountability for outcomes. Brokers can. They spot issues early, keep parties aligned, and protect speed without sacrificing accuracy. In a market that prizes pace, the winners will be brokers who use technology to move faster while still owning the human parts of the journey that sit around the asset itself.

2. The best brokers will widen their value beyond “funding the kit” As technology improves the transactional layer, broker value concentrates elsewhere: helping clients make better funding decisions in the context of their wider business plans. The strongest brokers will not just be excellent at arranging finance for business critical assets under straightforward

The broker role will become more important, not less. And it comes down to three things.

1. Asset finance is not a single transaction, it is a chain of real-world dependencies A typical online journey can feel binary: search, apply, approve, sign. Asset finance is different for one simple reason: there is a tangible asset at the heart of each transaction. The deal is not done when the credit decision is made. It is done when the customer has what they need and the funding has been executed correctly. That chain is full of moments where context matters more than process. Delivery dates shift. Invoices need correcting.

In a market that prizes pace, the winners will be brokers who use technology to move faster while still owning the human parts of the journey that sit around the asset itself

...brokers who treat compliance as a core part of doing business will be best placed as standards rise

agreements. They will increasingly support clients with larger financial decisions, understanding what the business is trying to achieve and how funding can help.

This is also a regulatory issue. Scrutiny continues to increase, and brokers who treat compliance as a core part of doing business well will be best placed as standards rise.

That might mean supporting growth through acquisitions, helping restructure business debt and assets to keep a company viable, or blending asset finance with other needs like working capital. For time-poor SMEs, this matters even more. Many do not have the bandwidth to compare options across a crowded market, so guidance becomes the differentiator and relationships deepen.

The practical watch-out is straightforward: protect your reputation by being disciplined about product fit and staying on the right side of regulation.

3. Reputation and regulation will create a bigger performance gap than technology ever will Liquidity remains high and there is no shortage of specialist funders. Brokers and customers have choice. That makes broker judgement even more important, because brokers can look beyond the headline rate to find the right structure for that customer’s circumstances. A broker’s most valuable asset is reputation. One of the biggest risks is prioritising speed over suitability. Performance comes from matching the right product to the right need, and being clear with customers about what they are taking on and why.

If the next decade delivers a more digital market, it will also demand a more human role from brokers and funders. Many funders are developing better systems, but asset finance can be harder to streamline than simpler products because it sits in the real economy, with suppliers, invoices and delivery timelines all affecting when funding can start. The greatest gains will come when technology takes out low-value admin and gives brokers and funders clearer visibility, so more time can be spent asking better questions, choosing the right structure, and keeping customers informed from start to finish. After 20 years in this market, one thing is clear. Technology will change the transaction. It will never replace the relationships, and the best brokers will use it to strengthen both.

28 NACFB | Special feature

Keeping things flexible Preventing deals from falling apart Roz Cawood Managing Director, Property Finance StreamBank

re we asking the wrong question when we talk about exits? It’s very easy to look at an application and ask whether the proposed exit makes sense because, at that point, that’s all anyone has to work with. What I’ve always found more interesting is whether the structure gives the borrower enough flexibility should their circumstances or objectives change during the life of the loan. Borrowers don’t always end up taking the route they expected when they first applied, and I don’t think we should be surprised by that. They might complete a refurbishment and see more value in keeping the property than selling it, or they simply look at the opportunity differently once the project is finished. That doesn’t mean the original exit was wrong. It usually means the borrower has learnt something they couldn’t possibly have known at the beginning, and I’d much rather see finance support that decision than stand in the way of it. I don’t think that’s somebody changing the rules halfway through. I’d say it’s exactly what good investors should be doing because they’re making decisions based on what’s in front of them rather than feeling tied to decisions they made months earlier. That’s why I’ve never been completely comfortable treating an exit as though there’s only ever going to be one answer. I’d always rather understand what the borrower is ultimately trying to achieve because the route they take to get there isn’t always fixed. If another solution still delivers the right outcome, I’d much rather recognise that from the outset than discover towards the end of

the loan that everyone has been working towards an objective that no longer fits the borrower’s circumstances. The brokers I always enjoy working with are the ones who never assume completion is the end of the thinking. They’ll naturally come back to a deal, not because they’re expecting something to go wrong but because they know circumstances move on. If the borrower’s objective has changed, they’ll change their thinking with it. To me, that’s one of the biggest differences between arranging finance and genuinely advising on it because they’re concentrating on where the borrower needs to end up, not simply where they happened to begin. When I think about the bridges that reach redemption most smoothly, I rarely think it’s because everything unfolded exactly as everyone expected. It’s because somebody accepted right at the beginning that plans have a habit of changing and built enough flexibility into the structure to accommodate that. Perhaps that’s why I’ve never judged a bridge by how the exit looked on day one. I’m much more interested in whether the borrower still has the freedom to make the right decision when day one is a distant memory.

The brokers I always enjoy working with are the ones who never assume completion is the end of the thinking

Closer to a decision-maker. Closer to completion. With over 120 branches, local decision-making is closer than you think

Access any of our branches with a single agreement Find them here

30 NACFB | Special feature

Beyond the bridge Mark Marlow Head of Sales Colenko

Why title split lending is becoming a strategic tool for commercial finance brokers

ridging finance has traditionally been viewed as a short-term solution for acquisitions, refurbishments and bridging timing gaps between transactions. Today, however, specialist lending has evolved well beyond its conventional role. Increasingly, it is enabling property investors to unlock value through innovative funding structures rather than simply providing liquidity. One area attracting growing interest is title split bridge lending. Historically the preserve of experienced developers, title splitting is now being adopted by a broader range of professional investors seeking to maximise the value of existing assets. By dividing a property held under a single legal title into separate units for sale or refinance, borrowers can often achieve a higher aggregate value than if the asset were retained as a single investment. This strategy is particularly relevant for blocks of flats, mixed-use buildings, HMOs and larger residential properties suitable for subdivision. While the concept is straightforward, successful transactions rely on careful planning, robust valuations and a clearly defined exit strategy. For commercial finance brokers, title split lending represents more than another bridging product. These transactions require an understanding of planning considerations, title creation, valuation methodology, Land Registry processes and lender appetite. Brokers increasingly play a central role in coordinating solicitors, valuers and other professional advisers, adding value well beyond sourcing finance. Lender appetite has also matured. While some lenders remain focused on straightforward residential title splits, others are willing to support more complex projects involving refurbishment or mixed-use assets. Matching the transaction to the appropriate lender has therefore become a critical part of the broker’s advisory role.

Risk management remains fundamental. Delays in planning, legal documentation or title registration can all affect project timescales, making realistic exit planning essential. Stress-testing the proposed exit provides borrowers with greater resilience should unforeseen delays occur. An emerging innovation within this sector is the use of Below Market Value (BMV) bridging facilities. Where an independent valuation demonstrates that the aggregate value of the proposed split titles exceeds the agreed purchase price, some specialist lenders are prepared to lend against that higher value rather than the acquisition cost alone. In the right circumstances, this can facilitate funding of up to 100% of the purchase price, significantly reducing the borrower’s upfront capital requirement while preserving working capital for refurbishment, professional fees and future investment opportunities. As investors continue to seek opportunities to unlock value from existing assets, title split bridge lending is becoming an increasingly important part of the specialist finance landscape. For brokers, understanding these funding structures is no longer a niche specialism but a valuable opportunity to provide strategic advice, differentiate their proposition and help clients maximise the potential of their property investments.

For commercial finance brokers, title split lending represents more than another bridging product

The bank that finds a way to support you Full-service banking, with all the business finance your clients need. Find out more at allica.bank/introducers

Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 821851). Registered office: 4th/5th Floor, 15 Worship Street, London, EC2A 2DT. Registered in England and Wales with company number 07706156. Copyright © 2026 Allica Bank Limited. All applications are subject to status and lending criteria. Eligibility criteria and terms and conditions apply. Visit www.allica.bank.

32 NACFB | The big interview

RACHAEL RAYMOND | FUNDING CIRCLE

Rachael Raymond is making things better From transforming a broker channel to refining her golf swing, Funding Circle’s Head of Broker is rarely content to leave things as she found them

y late morning, the City of London feels cooked. The pavements around St Paul’s throw the all-consuming July heat straight back up. Glass, stone and steel seem to hold it in. Shirts cling. Ties disappear. Even the lunchtime rush has lost some of its urgency. Rachael Raymond meets me outside Rosslyn Coffee, close to Funding Circle’s offices, and suggests iced coffee before anything else. Sensible. We collect our drinks and begin a slow loop through the surrounding streets, moving at the only pace the weather allows. Raymond is measured from the outset. She does not rush to fill silence or reach for the first available answer. She listens, considers, then responds in full. Not polished lines. Proper, realised thoughts.

She wears her intellect lightly, with an uncanny ability to take a complicated idea, turn it over, and hand it back in a cleaner form. There is energy beneath the calm, though. A restlessness, too. Not the frantic sort, but an impatience with things that could work better and do not yet. Processes. Structures. Teams. Hers is the instinct to understand a problem, take it apart and improve it. It is a valuable instinct too. Raymond leads Funding Circle’s broker operation, working with a panel of more than 2,000 active introducers at a lender that, perhaps more than most, has helped reshape SME finance over the past decade. It is a large job at a business large enough to attract both attention and criticism. But she appears burdened by neither.

33 What comes through in our time together instead is clarity, quiet confidence and an appetite for the next improvement. Less than three years after joining Funding Circle to transform its broker proposition, Raymond’s impact is already being felt. Last year, that contribution was recognised when she was named Industry Leader of the Year at the NACFB Commercial Lender Awards. This feels like the natural place to begin. Commercial Broker (CB): Congratulations once again on being named Industry Leader of the Year at last year’s NACFB Commercial Lender Awards. What did that recognition mean to you? Rachael Raymond (RR): It really meant a lot to me. I was new to the industry three years ago, so earning the position where I felt acknowledged and respected by the overarching industry body, but also by the brokers themselves, was really special. It felt like a full-circle moment. It came at the end of my first two years in the industry and we had achieved a great amount with the team at Funding Circle in that time. We reimagined our channel approach from scratch and built it fresh from the ground up by bringing in new talent, refreshed processes, and updated our structures. We spent the first year focusing on planning all the changes, which meant that in 2025, we were able to take off. As a result, winning the award was the recognition that we had achieved what we set out to do. It felt great. CB: When people describe you as a leader, what do you hope they mean? RR: For me, good leadership starts with listening. It starts with motivating people, but it also means challenging them. A leader’s job is to challenge the status quo and push beyond what people think is possible. I’ve never believed in micromanagement. You hire talented people because you trust them to do the job you’ve hired them to do. That’s the culture we’ve tried

to build in the broker team at Funding Circle – one with a lot of autonomy, responsibility, but ultimately one built around collective success. CB: You describe your own career as ‘squiggly’. Looking back, what have been the defining moments? RR: I’ve definitely had a squiggly career. I haven’t always been in commercial lending by any stretch. I started in healthcare M&A, which was hard graft. You learn a lot in a role where you’re sometimes not logging off until two o’clock in the morning, and while it gave me a great foundation, it also made me realise something important about myself: I didn’t want to solely analyse data or spend my day behind a screen. I realised that I liked working and collaborating with people, and I wanted to do much more of it. That took me into more client-facing, sales-led roles, and that was where I really found my footing. I realised I loved sales. I realised I was a people person. I realised I was good at it. That was the click moment for me. I then transitioned into paytech, which was an interesting business at a hypergrowth stage, but I eventually realised payments probably wasn’t my niche. I didn’t have the same drive or passion for it. When the opportunity at Funding Circle came up, that felt different. Fundamentally, what we do is drive impact at scale. We support thousands of small businesses across the UK with the funding they need to win. That is very different to the M&A world, but a lot of the same pillars remain: relationships, problem-solving, growth and commercial impact.

Funding Circle is by far the most rewarding company I’ve worked at. The people and culture here are fantastic: curious, open and genuinely invested in everyone else’s success. You would like to think that is the standard everywhere, but it isn’t always everyone’s experience. It makes it very easy to come to work every day. CB: Has there been one challenge that’s shaped you more than any other? RR: Probably working on a very difficult international project earlier in my career. I was leading the project because I had the experience, but the client made it clear they didn’t really want to work with a woman. It was difficult. There were times when I’d have to bring a junior male colleague into meetings simply because they were more willing to accept the same points from him than they were from me.

Good leadership starts with listening. It starts with motivating people, but it also means challenging them

34 NACFB | The big interview I was fortunate to have exceptional leadership around me. I was given every opportunity to step away from the project, but I decided to stay with it. Looking back, it taught me an enormous amount about resilience. The UK commercial finance industry is still predominantly male, but I’ve never experienced anything comparable here. If anything, those experiences earlier in my career mean that walking into a boardroom today, even if I’m the only woman there, simply doesn’t faze me anymore. Earlier in my career, I probably did kick harder. I was louder, and I made sure my voice and my points were more prevalent because you felt that invisible barrier to entry. I don’t feel I need to do that anymore, but what I do feel strongly about is making sure the next generation does not have to face the same pressure. I have had excellent leadership and mentorship, and if I can do one thing, it would be to make that supported path the route most women experience. CB: You seem to have a strong instinct to solve things. Has that changed as you have become more senior? RR: I have always been a problem solver by nature. I see a challenge and I want to fix it. Earlier in my career, that meant I wanted to push out a solution quickly. What I have got better at is realising that not everything is a quick fix. The bigger the challenge, the more elements there are to sit with, absorb and understand. You have to take a more measured approach. The other big lesson is culture. You do not understand the importance of culture until you work somewhere that does not have one. That sits at the root of a lot of what we do at Funding Circle, and we are proud to have recently been named in The Sunday Times Best Places to Work 2026. We have an incredible culture across the company, but we now also have an incredible culture within the broker team. When you have a team that feels that they belong together, it changes how we support our partners

Because of our scale, we often help set the benchmark for the wider industry as we see that other lenders ... will sometimes look to us for guidance

and help thousands of small businesses thrive – the culture is key to our day-today success.

to onboard more new introducers every month, so we can see that appetite is still incredibly strong.

CB: You studied English Literature. Does that still shape the way you work?

Our panel is now around 2,000 active brokers, and the shape of the channel has changed, but the shape of the business has changed too. The priorities, capabilities and complexity of the business are all very different.

RR: Absolutely. English Literature is one of those degrees where people ask: what are you going to do with that? But I use those skills every day. It taught me how to structure an argument, how to advocate for something, how to balance competing ideas and how to articulate a point clearly. I find it really helpful in how I influence a room, how I counter competing arguments and how I think through problems. It sharpened that skill set no end. CB: When you joined Funding Circle, what surprised you most? RR: What surprised, and inspired me most, is the resilience of the UK SMEs we serve. Small businesses have faced a considerable amount of volatility over the last few years. Yet time and time again, they show resilience to adapt, pivot, and find opportunities to continue growing their businesses. The commitment to backing small businesses shows in our evolved proposition too. The business has also evolved enormously. When I joined, our brokers mainly had access to one core product, Term Loans. Today, we have transformed Funding Circle into a multi-product platform by offering our partners shorter-term loans alongside flexible cash flow solutions like our FlexiPay revolving credit facility and business credit cards. We also continue

What is interesting is that this growth has not just come from our biggest partners. Our top brokers have grown a lot, but some of the strongest growth has actually come from the long tail: smaller brokers, one-man bands, accounting firms and other introducers. To me that represents truly sustainable growth in this industry, and that is so important to its continued strength. CB: Where are you still pushing for change? RR: There is still absolutely masses we can do. The first two-and-a-half years were about bedding in good structure, good foundations, good relationship-

35 our model. In a relationship-first industry, particularly in the broker space, that can sometimes create friction, because brokers are dealing with individual clients and individual relationships. Where it works well is when there is mutual respect. When each side understands where the other is coming from, what their priorities are, and how we can both work together for the best outcome. In the vast majority of our broker relationships, that is exactly what happens. CB: What do the best brokers do well?

building, good servicing, and making sure brokers felt catered to and happy with the offering.

that is commercial upside, cultural upside or something else. That is what fuels me. That is my petrol.

Now, there is a lot more we can do with technology. We launched the new broker portal a few months ago, which is something I had been advocating for from day two of joining. The feedback has been really strong, and the next iteration gives brokers more granular visibility – all the things they have been asking for years.

CB: Funding Circle now operates at a scale where scrutiny is inevitable. Whether it’s questions around loan stacking, personal guarantees or the responsibilities that come with being one of the market’s largest alternative lenders, how do you respond to that increased attention?

There is also a next level around broker APIs. We have a lot of brokers using APIs, but there is more we could do to make that more accessible, particularly given the volume of brokers we now work with. Broker onboarding is another big focus. Getting more brokers in the door, making it more accessible, removing friction and making sure we can represent as many introducers as want to work with us. Then there is time to value. How do we reduce the time from application to funding? Brokers want funding faster. Borrowers want funding faster. With the rise of shorterterm lending, that urgency is becoming a real expectation. There is so much to do. So much opportunity. I don’t feel burdened by that because I really enjoy change projects. I enjoy unearthing opportunity, whether

RR: That increased attention is a privilege. When you are the UK’s leading SME finance platform, it is to be expected. We have to be confident and robust in the decisions we make, the policies we have and the products we bring to the market. Because of our scale, we often help set the benchmark for the wider industry as we see that other lenders, including smaller lenders, will sometimes look to us for guidance or a blueprint. As a listed business, we hold ourselves to the highest standards, we have responsibilities to investors and to the market. That means making sure our principles are sound and that we believe we are making the right decisions. We issue thousands and thousands of loans, so we have to come up with policies and products that are right for

RR: The best brokers operate with consistency. The best brokers we work with are not all large brokers. They are a mixture of small, medium-sized and large brokers. What they have in common is that they have a consistent framework, consistent values and consistent processes. That consistency is the key to sustainable growth and sustainable success as a broker. They also play a role lenders cannot replicate. Brokers are by far our most important external asset. They provide something we cannot provide as a standalone lender, which is impartiality. They are there to advise. If a Funding Circle loan is best for the customer, a good broker will place them with Funding Circle. If another structure is better for that business, the broker’s job is to make sure the customer gets that instead. That matters because sustainable finance is what will keep the SME market afloat through difficult times. CB: What do you wish brokers better understood about Funding Circle? RR: A lot of brokers already understand this, but I think it is worth reiterating that we operate at significant scale. That sometimes makes it difficult for us to tailor things for very specific circumstances or take a view on every individual case. Sometimes that is frustrating for brokers, because a case might not fit into a predefined box or

36 NACFB | The big interview

process. But in not being able to fix that one instance, we are able to service so many more businesses at scale and at volume. That is the balance we have to strike. The way we build trust is by listening. Broker feedback is some of the most important feedback we receive, not just in the broker channel but as a business. Every year, we run a large feedback forum. We invite a mix of larger, medium-sized and smaller brokers, and we bring unformed ideas to them. That is deliberate. The feedback we get genuinely shapes what we do the following year, whether that is products, processes or direction. Brokers are frontline in this industry. They are an incredibly valuable asset, and we would be very foolish not to listen. CB: You joined a panel discussion on who owns the client at June’s NACFB Expo – a debate that became particularly relevant after Funding Circle changed its approach to brokerintroduced customers who later return directly. Some brokers worried about what that meant for their relationship with the client. What did you want to clarify? RR: I welcomed that panel discussion because it provided a helpful, transparent forum to address those questions. It gives us the opportunity

Broker feedback is some of the most important feedback we receive, not just in the broker channel but as a business

to have the conversation properly. When a business the size of Funding Circle makes changes, it’s completely normal that our brokers need clarity on the impact to their business. The decisions we make are not about diminishing the broker channel. They are about continuing to grow it ethically and sustainably. Our goal is to serve borrowers in the best way possible. We want to say yes to more businesses. We also want to protect our broker relationships. That has to be done in the most balanced way possible. The evidence I would point to is the sheer growth of the broker channel at Funding Circle, and these changes we have made have not slowed down that momentum. They have helped propel it, and my primary goal is to continue that upward trajectory together. CB: What motivates you? RR: Some of the stats that impact me most are not actually the ones related to the broker channel. It is the wider economic impact. In 2025 alone, our lending reached a milestone of £3 billion in assets under management, which helped generate a significant £7.9 billion boost to the UK’s GDP. This impact is felt more personally through the 117,000 jobs our platform helps sustain, and beyond the workforce, this economic activity contributed £2.2 billion in tax revenue back into the public purse. Those are not insignificant numbers. To play even a small part in making a difference to the nation we all live in is incredibly motivating.

That is what propels the business forward: an unwavering commitment to helping businesses grow and succeed. And to loop that back to brokers, it is also an unwavering commitment to supporting the broker community, because without them we could not do that. They are instrumental to our wider impact. CB: And outside work? What’s all this for? RR: Golf, probably. I spend a lot of time on the golf course. I bought some new irons last week, so when you ask what all this is for, it’s paying for my new golf clubs! I play off 18, and I play when I can. But then you speak to some brokers in this industry who work 80-hour weeks and somehow play off 2, and I think, okay, fine. But I love golf. I love travelling. My husband is from South Africa, so we do a lot of travel in Africa, but more broadly we love seeing new places. We are big foodies too, so a big part of travelling is going somewhere and eating great food. CB: If readers remember one thing from this conversation, what would you want it to be? RR: Not to underestimate the SME market. They are incredibly resilient. There might be hard times ahead – we know there will be hard times ahead – but what we have learnt from working in this space is that SMEs are an incredibly robust and resilient bunch. We are very proud, and very privileged, to support them.

For 45 years, we have been providing bridging and To celebrate, we are introducing new rates designed to support your next project. Our dedicated team are on hand to help you take advantage of this special offer.

0.75%

0.70%

Development Funding Now from 0.75% per month and up to 70% LTGDV

Bridging Loans Now from 0.70% per month and up to 75% LTV

Experience Beyond Finance mspcapital.co.uk

Call us on 01202 743400 Terms & Conditions: MSP Capital is a provider of non-regulated loans against properties that are registered in England and Wales. All Offers of Finance are subject to satisfactory legal due diligence, a valuation report, ‘know your client checks’ and, for Development Finance only, the initial monitoring surveyors reports. MSP Capital Ltd. is a registered company in England & Wales.

38 NACFB | Advertising feature

Ian Coulson Head of Commercial Brokerage HSBC UK

Cashflow by design Smarter structures for trading businesses

n today’s market, ‘working capital’ rarely means a simple overdraft top-up. Many SMEs are feeling cashflow pressure from longer supply chains, uneven demand and customers expecting generous payment terms. For brokers, that creates a real opportunity to shift the conversation away from traditional facilities and towards something more valuable: the right funding structure, built around how the business actually trades. At HSBC UK, we see this as a mindset change. Businesses don’t experience problems in product categories; they experience timing gaps. Money goes out to suppliers, wages and tax before it comes back in from customers. The role of structured working capital is to reduce that friction, release cash tied up in the operating cycle and create headroom for growth. The value sits in the structure – aligning funding to the timing of invoices, inventory turns and settlement patterns – rather than defaulting to a single facility type.

Start with the trading cycle The most effective broker conversations begin with the trading model, not the funding ask. That means mapping the working capital cycle: who gets paid when, where the pinch points sit and what ‘good’ looks like over the next six-18 months. We also look at concentration risk, seasonality and margin resilience – because a facility that works in a strong quarter but breaks in a weak one isn’t a solution; it’s a postponement. This approach becomes even more important when a client trades internationally. Cross-border supply chains introduce

longer lead times, different settlement norms and greater payment uncertainty. In practice, that can widen the gap between paying out and getting paid in. A structured approach helps close that gap and supports growth without forcing the business into a one-size-fits-all solution.

Keeping working capital working When we design structured working capital solutions, we anchor on three principles: 1. Fit to purpose – funding should mirror the underlying transaction. That might mean payables solutions for supplier timing, invoice-led structures for receivables, or a blended approach where needed. 2. Simplicity with control – clients need speed and clarity, while lenders need visibility and risk discipline through clean processes, clear eligibility and reporting that supports early intervention. 3. Scalability – the best solutions grow with the business without constant re-papering, so clients can expand into new markets with confidence.

Turning complexity into cashflow confidence As businesses look beyond borders for growth, the challenges become more nuanced – from navigating payment uncertainty to understanding regulatory complexity. HSBC’s international network means we’re well placed to help brokers and their

39 clients access expertise and insights from around the world, while remaining firmly rooted in the UK market. We believe the journey into new markets should be an opportunity, not an obstacle. Innovation plays a role here too. HSBC UK’s digital finance solution TradePay is a strong example of structure in action: a real-time digital platform that enables businesses to pay suppliers using short-term loans, repaid in line with their trade cycle. This supports timely supplier payments, optimises working capital, and helps SMEs stay focused on growth.*

The broker perspective Structured working capital works best when brokers and lenders collaborate early, share insight and design around the client’s trading cycle – strengthening businesses, protecting supply chains and enabling sustainable growth. To help uncover the opportunity quickly, here are three questions brokers can use to move beyond “more borrowing” and into a more valuable, structured conversation:

For dedicated support for commercial brokers

1. Where does cash get stuck – before goods arrive, while stock sits, or after you’ve invoiced? 2. Which trading change has had the biggest impact in the last 12 months – lead times, supplier terms, customer payment behaviour, or cost inflation? 3. If you could fix one timing mismatch tomorrow, would it be paying suppliers earlier, getting paid faster, or smoothing seasonal peaks? When you hear phrases like “we’re paying suppliers faster than we’re getting paid”, “lead times have doubled”, or “we’re growing but cash is tighter”, that’s often the signal to bring us in early. If you can identify the opportunity, we can help shape the structure. To discuss a client opportunity, contact us at uk.broker.scheme@hsbc.com. *Subject to application, eligibility, affordability and credit check. Terms and conditions, fees, charges and rates apply.

Talk to us Talk to your own Business Development Manager for dedicated support for your clients. Or search HSBC UK Commercial Brokers

Strategic cash flow management tool for your clients

FlexiPay’s a revolving credit facility designed for SMEs to manage working capital and business costs. Credit replenishes after every completed transaction and enables closer control of regular business expenses.

How your clients can use FlexiPay Draw on a rechargeable credit limit up to £250k to settle recurring liabilities like VAT and rent. Then split it over 1–12 months Make direct supplier payments to manage inventory without the need for a term loan. Pay by card, cash transfer or straight into their business bank account Use for day-to-day business expenses and capital purchases, anywhere. No hidden interest and a flat fee from 1.99% per use

Flexible commission structures Access two clear income streams on every approved facility: Arrangement fee:

Charge up to 6%, set by you and paid by your client at setup

Referral fee:

Earn between £500 and £1,500 depending on the approved credit limit

To learn more call 020 3667 2208 or email broker@fundingcircle.com

42 NACFB | Special feature

Beyond the stats Chris Forrest Chief Commercial Officer Momenta Finance

Why UK SME lending needs a new blueprint

e sit close enough to the SME market to see the cracks before they show up in statistics. And right now, the picture looks healthier than it feels.

The Bank of England’s own effective rate on new SME loans fell from 7.00% in January 2025 to 6.16% by April, and the base rate has settled at 3.75% through 2026. On paper, that should be freeing up investment. In practice, the Bank has held its nerve for much of this year, largely because the conflict in the Middle East has unsettled global energy markets, pushing policymakers towards caution. Inflation has drifted back up: CPI ran at 2.8% in May, and the Bank now expects it around 3.25% by the fourth quarter as energy costs work through. That’s the first headwind. SMEs are being asked to plan against a rate environment that keeps changing its mind. The second headwind is fiscal, and it’s a quieter one. Frozen income tax and National Insurance thresholds, a new salary sacrifice cap, and changes to VAT and corporation tax are chipping away at the margins that would fund expansion. Add in inflation on energy and other input costs, plus skills and labour shortages, and it’s not hard to see why many businesses are choosing caution over capital.

SMEs are being asked to plan against a rate environment that keeps changing its mind

Here’s the part that doesn’t always make it into the statistics, though: this was never a supply problem. Only 3.5% of UK SMEs applied for new or renewed external funding recently, and 1.5% applied for a bank loan at all, a fraction of the demand seen in comparable European markets. More than half of the smaller businesses that do invest are relying entirely on their own cash. Plenty are sitting on reserves rather than borrowing, even when they’d like to invest more. Legacy bank credit models were built for stable rates and predictable margins. That world doesn’t exist anymore. Those models are slow to price a business on its cash conversion cycle rather than its balance sheet, and slower still to adjust covenants once conditions shift mid-facility. Meanwhile the alternative channels are moving fast. So, what would a new blueprint need to look like? •

Pricing that reflects real-time cash flow and sector risk, not a static credit score frozen at the point of application.

•

Facility structures with affordable flexibility from day one, because the rate and inflation backdrop is moving faster than most facilities are built to handle.

•

Underwriting speed that matches the pace at which SMEs make decisions, not the pace at which committees are used to making them.

The businesses that come through the next few years in the strongest shape won’t be the ones that found the cheapest headline rate. They’ll be the ones whose funding partner could move with them as conditions changed.

The home of high-value lending. Where finance expertise meets flexible funding for personal and commercial cases over £1m. Contact our dedicated team on 03301 739 173.

Premier

for Intermediaries

Bridging | Commercial | Semi-commercial | Buy to Let | Mortgages

For professional intermediary use only

44 NACFB | Special feature

Unshaken confidence Global investors continue to back UK property Nick Allen Head of Marketing, Product & Proposition GB Bank

espite economic uncertainty, changing tax rules and debate about the housing market, overseas investors continue to show confidence in UK property.

Recent analysis by Enness Global found that almost 203,000 properties across England and Wales are owned by overseas homeowners. London remains the main destination, accounting for more than a third of all internationally owned homes, but demand extends beyond the capital, with the South East and North West attracting significant international investment. The reasons overseas investors favour the UK have changed little. The market offers strong legal protections, a clear regulatory framework and sustained rental demand, making it attractive for those seeking long-term income, capital growth or portfolio diversification. What has changed is the market backdrop. Following higher interest rates and more subdued transaction activity, buyers are finding greater choice, less competition and more room to negotiate. For overseas investors looking to enter or expand in the UK, this may create an opportunity to acquire assets at more attractive pricing. However, while appetite for UK property remains strong, securing finance can be more challenging for foreign nationals and expats than for domestic borrowers. Many lenders still apply strict requirements around UK residency, minimum income levels or existing UK property ownership. As a result, borrowers with substantial wealth, successful businesses or extensive property experience overseas can still find themselves excluded from otherwise suitable funding options. Many international investors are also looking beyond standard buy-to-let. Houses in Multiple Occupation (HMOs), multi-unit freehold blocks (MUFBs) and mixed-use assets have become

increasingly attractive as investors seek stronger yields and opportunities to build scale within their portfolios. These assets don’t always fit standard lending criteria. Larger HMOs, extensive MUFBs and complex ownership structures can reduce the pool of lenders willing to consider a case, even where both the borrower and asset are strong. Historically, many foreign national and expat investors financing UK property acquisitions have turned to private banks, which are often well placed to assess complex income structures, overseas assets and international wealth. However, access to private banking facilities can come with conditions. Borrowers are often expected to place assets under management as part of the wider banking relationship. While this may suit some clients, others are reluctant to move or tie up significant wealth simply to secure property finance. There is, however, another way. Specialist banks can take a relationship-led approach to underwriting without requiring clients to place assets under management. As international demand for UK property continues, intermediaries who understand the options available beyond the traditional private banking market will be best placed to support clients looking to take advantage of today’s opportunities. In a market where flexibility and specialist expertise matter more than ever, access to the right lending partner can make all the difference.

Recent analysis by Enness Global found that almost 203,000 properties across England and Wales are owned by overseas homeowners

Think Big. Bank with the Best Business Bank. Our award-winning promise. Enjoy having real people managing real deals, and discover how we’re bringing practical, proven solutions straight to you. Get in touch at brokerteam@natwest.com

46 NACFB | Special feature

Filling the gap Your clients are backing themselves – are they asking for help? Stacy Clementson Head of Credit & Underwriting Fleximize

sk a UK business owner how the economy is doing and you’ll hear one story. Ask about their own business and you’ll hear another.

The YouGov Business Sentiment Tracker for Q1 2026 puts overall business confidence in the wider economy at just 43.5 out of 100. Among SMEs it drops further still – to 37.4. And yet those same businesses rate their own 12-month prospects at 64.7. Across all business sizes, that figure rises to 71. That 27-point gap between how bleak things look out there and how determined businesses feel about their own futures is what researchers have started calling the ‘confidence gap’. For brokers, it’s something rather more familiar: it’s the client who knows they want to grow but hasn’t yet picked up the phone. The data puts some numbers around a pattern many brokers will recognise. More than half of SMEs are focused on financial growth over the next 12 months. Yet the British Business Bank estimates the UK’s current SME funding gap at £65 billion – driven by a collapse in applications. Data from the European Central Bank shows that only 3.5% of UK SMEs sought new or renewed finance, compared with around 20% across the Euro area. Research by Juice found that 59% of SME founders who tried to borrow abandoned their applications mid-process – not because they were declined, but because the process felt too daunting to complete. The ambition is there. The follow-through isn’t. Analysis of SME borrowing patterns from Fleximize – drawn from more than 11,600 funded loans since 2014 – reflects exactly this. Cash flow and working capital accounts for 59%

of funded loans; growth and expansion is a firm second at 26%. These aren’t distress borrowers. Yet the gap between businesses that want to grow and those that seek funding to do it has been widening for years. Too many businesses still think borrowing is taboo. The sector picture adds further nuance. IT and Telecoms report the highest confidence, buoyed by AI investment, while Legal, Hospitality, and Leisure sit at the other end – also the sectors that endured the heaviest share of UK business insolvencies in 2023, a 30-year high. A hospitality business faced with staffing costs and reduced footfall isn’t having the same conversation as a tech firm riding the AI wave, and treating them as the same borrower is part of how so many SMEs have come to feel that funding wasn’t built for them. For brokers, the confidence gap is both a challenge and an opportunity. The clients who need funding most are often the least likely to ask for it. The conversation about what’s actually available – and how different it looks from what they might expect – is one worth having before they’ve already decided the answer is no.

That 27-point gap between how bleak things look out there and how determined businesses feel about their own futures is what researchers have started calling the ‘confidence gap’

THE NEXT CHAPTER IN OUR STORY Visit us on stand C01

Scan to learn more

Your reminder to ask us about Commercial Mortgages...

48 NACFB | Industry insight

What my teenager taught me about funding growth The hidden engine behind SME growth Amanda Wilson Business Development Executive Abcor Finance

ne evening, my daughter approached me armed with what she believed was a watertight case for the latest beauty product. She had done her research, gathered recommendations and confidently presented her pitch. In her mind, the opportunity was obvious. The challenge was securing the funding to make it happen. For many SME owners, this situation feels surprisingly familiar. Winning business is one thing. Having the cash available to fulfil that business is another. Businesses can secure new customers, receive large orders and identify opportunity for growth, but without sufficient working capital those opportunities are difficult to turn into reality. While some businesses struggle to generate demand, many growing SMEs face a different challenge: funding growth. As sales increase, so do supplier commitments, stock requirements and the amount of cash tied up in the trading cycle. Businesses can find themselves in the frustrating position of having customers ready to buy but insufficient cash available to fulfil an order. Trade finance is designed to bridge that gap. At its simplest, trade finance helps businesses pay suppliers so they can fulfil customer orders before receiving payments themselves. By funding supplier costs, businesses can preserve working capital while continuing to take advantage of growth opportunities. Consider a growing wholesaler that secures a £500,000 order but needs to pay £350,000 to suppliers before the goods arrive.

Even with a confirmed sale in place, limited cash reserves can prevent an order from being completed. Trade finance provides the purchasing power needed to fulfil the order, allowing the business to deliver to its customer and generate the revenue it has already worked hard to secure. However, securing funding is only part of the equation. A facility that is too small can restrict growth, while a facility that is too large can introduce avoidable risk. Understanding how a business operates, its purchasing cycle and its long-term ambitions is essential to ensuring funding remains a tool for growth rather than a constraint. Thinking back to my daughter’s pitch, the opportunity was clear; the challenge was finding the funding to make it happen. The same principle applies to many growing businesses. Demand, new customers and larger orders create opportunities, but access to working capital determines whether those opportunities can be realised. Trade finance is a strategic tool between ambition and delivery, helping SMEs turn potential into progress and long-term sustainable growth.

A facility that is too small can restrict growth, while a facility that is too large can introduce avoidable risk

Fast decisions and flexible unsecured funding for established UK SMEs. Designed for established UK SMEs that need fast, flexible finance, Playter supports funding needs from short-term cashflow and VAT to working capital and business expansion Backed by Shawbrook, Playter brings together technology-led underwriting and specialist credit expertise to help keep UK businesses moving.

SUPPORTING BROKERS AND THEIR CLIENTS WITH: Loans from 3 months to 5 years Cashflow, VAT and growth funding up to £500k Professions Finance up to £2m Technology-enabled broker portal with dedicated support

Visit playter.co

Get in touch: sales@playter.co

50 NACFB | Industry insight

Consistency and confidence How relationships go beyond headline rates and procuration fees Michael Halsey Business Development Manager MSP Capital

ertainty, consistency and confidence in lending have become the defining factors for brokers placing time-sensitive deals in today’s ever shifting property finance market.

It’s no secret that in pursuing new deals some lenders have tended to issue quick approvals, but those initial ‘yes’ decisions are too often diluted into ‘maybe’ or even reversed entirely, leaving the borrower disappointed and time wasted. A successful transaction is about far more than securing the lowest rate. Increasingly, brokers and their clients are most concerned to understand whether a lender can deliver on what they promise. That’s why strong, long-term relationships between brokers and lenders have never been more important. The foundation of any successful partnership is understanding. Brokers who know a lender’s criteria, risk appetite and packaging requirements are far more likely to place deals that can be executed successfully. That creates a smoother journey for everyone involved, allowing brokers to manage client expectations from the outset and reducing delays caused by unsuitable applications. Trust is built over time, and it becomes invaluable across multiple transactions. When brokers work repeatedly with a lender they know, they gain confidence that deals will be assessed fairly, communication will be straightforward and funding will be delivered when it matters. In many cases, the certainty of being able to get a deal over the line outweighs chasing the headline rate or the highest procuration fee. Ultimately, the biggest beneficiary is the client. A broker who understands their lending partner can recommend solutions with greater confidence, knowing there’s a much stronger likelihood of

the transaction completing successfully. Likewise, when a lender has worked with a broker and client before, they already have a deeper understanding of the client’s background and objectives, making future transactions more efficient. Having direct access to experienced decision-makers means brokers can quickly sense-check enquiries and work through potential challenges before they become obstacles later in the process. As we all know, not every deal is straightforward, so the strongest partnerships are built with lenders who tackle problems head-on rather than avoid them. Successfully navigating complex cases together strengthens trust and lays the groundwork for future business. As the property finance market continues to evolve, long-term broker relationships will remain central to successful lending. Brokers should look beyond pricing alone and seek established lending partners with experienced teams, reliable funding and a collaborative approach. The best relationships are those where both parties continually learn from one another and refine their proposition to deliver better outcomes for clients. In the long run, that combination of trust, expertise and certainty is worth far more than any headline rate. A lender’s credibility is no longer measured by how quickly they can say yes, but by their ability to deliver with confidence and precision.

As we all know, not every deal is straightforward, so the strongest partnerships are built with lenders who tackle problems head-on rather than avoid them

Service You Can Trust The service we deliver supports the experience you create for your clients which is why we’re committed to getting it right. We take pride in ensuring every interaction, across our entire team, always reflects the quality and standards both you and your clients value.

Dedicated broker support: Tel: 01254 685850 Email: salessupport@haydockfinance.co.uk

FOR INTERMEDIARY USE ONLY. Haydock Finance Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register no. 722545.

52 NACFB | Industry insight

The next frontier Financing buildings that support healthier lives Suraj Lakhanpal Senior Relationship Manager, Sustainable Property Triodos Bank UK

his summer’s heatwaves have been a timely reminder that where we live, learn and receive care shapes our health in ways we can no longer ignore. As extreme heat and climate disruption increasingly affects daily life, these environments are being pushed beyond their limits. The next frontier for commercial property lending is not simply financing buildings, but financing environments that remain useful, adaptable and financially sustainable over the long term. How can finance play a more active role in developing buildings that are fit for modern living – both now and in the future?

Long-term resilience Climate resilience is becoming an increasingly important factor in the design of our buildings, both when approaching newly built developments and retrofitting our existing stock. In fact, the Climate Change Committee’s recent report, ‘A Well-Adapted UK: The Fourth Independent Assessment of UK Climate Risk’, estimates that an investment of around £11 billion per year is needed from the public and private sectors to improve our climate change resilience, including adjustments to the buildings we rely on in our daily lives. Extreme heat, overheating, flooding and poor indoor environmental conditions can not only directly affect occupiers, but also a property’s operating performance and long-term asset desirability. Buildings that struggle to function during climate stress events may face higher obsolescence and capex requirements. As such, commercial property lenders should increasingly recognise that a building’s performance extends beyond its value and potential rental income. EPC ratings provide a useful

snapshot, but the bigger question may be how a property performs over time and how easily it can remain energy efficient, climate resilient and fit for purpose in the years ahead.

The retrofit challenge While developers of new build properties will have the opportunity to consider energy efficiency, environmental sustainability and occupier comfort from the outset, the UK’s challenge is largely about improving existing property stock. This not only means ensuring older properties are well insulated against the cold, but also easier to ventilate during warmer months, creating sustainable, stabilised conditions throughout the year. Some of the most attractive financing opportunities over the next decade may involve refurbishment, repurposing and energy performance improvement rather than ground-up development.

Operational outcomes matter A care home, nursery or supported living scheme succeeds because of the outcomes delivered inside the building. The most resilient lending decisions may increasingly be those that look beyond asset value alone and consider how effectively a building serves its intended purpose. Looking ahead, these essential sectors can offer long-term demand for lending that is not purely linked to economic cycles. And as the weather conditions we’ve seen this summer become more frequent, we’re likely to see greater demand for energy efficient, resilient properties as opposed to those that are exposed to higher energy bills and overheating. By working with lenders that recognise the long-term viability of a property and the role it plays in resilience, wellbeing and essential service provision, brokers are well placed to help meet this demand.

54 NACFB | Industry insight

A new middle ground The rise of the tier 1.5 lender Aidan Moore Head of Commercial Intermediaries Metro Bank

client’s stories. They do this by understanding their clients’ histories, ambitions and challenges in a way few others can, with value that lies not just in introducing opportunities to lenders, but by helping them to understand the story behind them.

or years, the SME lending market has been framed as a choice between two broad types of provider. On one side sit the major banks, with their scale, balance sheets and established product sets. On the other are specialist and alternative lenders, often known for their speed, flexibility and ability to support more specific funding needs.

When working with tier 1.5 lenders, that story becomes a key part of the assessment process. Rather than asking only whether a transaction fits a model, the conversation becomes broader: what is the business seeking to achieve? What sits behind the financial performance? And finally, what would success look like for the client?

Increasingly, however, that distinction no longer reflects how the market operates. As SMEs become more complex, and as their funding requirements fall less neatly into standard categories, a new type of lender is emerging. The tier 1.5 lender aims to combine the capability, discipline and reliability of traditional institutions with the accessibility, flexibility and relationship-led approach more commonly associated with specialist lenders.

Bridging the gap

Why context matters One reason for this shift is that SMEs rarely fit neatly into predefined boxes. Business owners do not experience their companies solely through the prism of a credit paper or a set of annual accounts. They experience them through years of investment, challenge, opportunity and decision-making. Their funding needs are often shaped by circumstances that cannot be fully understood from financial metrics alone. That does not mean credit discipline becomes less important, but that there is often important, more nuanced context for lenders to consider alongside the numbers. The strongest lending relationships are often built when there is time and willingness to understand how a business reached its current position, what it is trying to achieve and why a particular funding requirement exists.

The evolving role of brokers and advisers In this contemporary lending environment, brokers and advisers play an increasingly important role as the narrators for their

Ultimately, robust credit assessment remains essential, but in today’s challenging economic landscape, there’s an increasing need for it to be complemented by lenders willing to consider the context behind each SME case. Brokers need funding partners with the scale to lend confidently and the flexibility to understand more nuanced circumstances and it is in their ability to bridge this gap, that is behind the rise in prominence of the tier 1.5 lender.

The tier 1.5 lender aims to combine the capability, discipline and reliability of traditional institutions with the accessibility, flexibility and relationship-led approach more commonly associated with specialist lenders

Morag Davies

David Price

Martin Herbert

John Myles

Brian Devlin

Guy JonesOwen

Chief Commercial Officer

Relationship Director

Peter Roper Relationship Director

Reliance Bank wins

Community Lender of the Year Award from NACFB

We have a specialist understanding of the following key sectors:

Community

Faith

Healthcare

Social Housing

Reliance Bank won “Community Lender of the Year” - in both 2024 and 2025 at the NACFB Commercial Lender Awards. This award recognises our commitment to providing loans to organisations supporting their local communities. Examples of our lending include faith organisations providing practical help for people experiencing poverty or hardship, health and social care providers, affordable housing projects and treatment centres that help people affected by gambling related harm. Reliance Bank prioritise business lending to organisations that deliver positive social impact in the UK. Helping good people do great things with money

We provide: Loans for refinancing Loans for business acquisition Loans for property purchase Loans for refurbishment Loans for business expansion

SCAN

Reliance Bank has been at the forefront of socially responsible banking since 1890, when we were founded as the bank for The Salvation Army. Read about our Business Loans

All rights reserved. Registered in England. Registration no. 68835. Registered Office: Reliance Bank Limited, Faith House, 23-24 Lovat Lane, London EC3R 8EB United Kingdom. Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. We are covered by FSCS.

It’s About Time...

Property secured on a loan may be repossessed if repayments are not maintained. All information correct at 05/06/26. Visit our website for further information and full terms and conditions. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales under company registration no. 09872265 at Suite 101, The Nexus Building, Broadway, Letchworth Garden City, Hertfordshire, SG6 3TA.

RESIDENTIAL INVESTMENT • COMMERCIAL • SEMI-COMMERCIAL

...purpose led the interest rate Where the majority of rental income in a semi-commercial property comes from residential tenants, we can offer residential interest rates.

Semi-commercial case study A two-property refinance with a 56% LTV, 15-year interest-only term and fixed for 5 years at 6.49 per cent. Property 1

Property 2

• Former fire station

• Grade II Listed

• Developed into 12 residential units, commercial unit and office

• 9 commercial units and 13 residential above

• Residential units let to supported living provider

• Established tenancy base

• £2.805m loan.

• £1.122m loan.

58 NACFB | Industry insight

The perfect match? The funding decision that could limit your business growth Matthew Shepherd Chief Commercial Officer Skipton Business Finance

ccess to finance has never been easier. Businesses can now apply for funding online in minutes, receive rapid decisions and access cash within days. For businesses facing cashflow pressures, that speed is appealing, but the fastest solution isn’t always the right one. As funding choices continue to grow, business owners should ask not, how quickly can I get the money? But is this the right type of funding for my business? Many online lenders have built their propositions around speed and simplicity. While that has clear benefits, it’s important to understand the longer-term implications. Fixed monthly loan repayments remain the same regardless of business performance, placing pressure on working capital during seasonal slowdowns, customer payment delays or unexpected costs. This can become particularly challenging when businesses are borrowing to support growth. Cash that could be invested in recruiting staff, purchasing stock or taking on larger contracts is instead diverted towards servicing debt. We’ve also seen businesses turning to ‘loan stacking’, taking on additional borrowing to manage existing repayments. Over time, this can restrict future funding options and place unnecessary strain on cashflow. The key is matching the funding solution to the challenge. Loans remain an excellent choice for long-term investments such as equipment or machinery. However, businesses managing working capital, funding growth or bridging customer payment delays may benefit from more flexible solutions. Many businesses are already sitting on an untapped source of funding in the form of unpaid invoices or unencumbered assets. Invoice finance and broader asset-based lending

(ABL) allow businesses to unlock cash tied up in these assets, giving them faster access to money they have already earned through trading. Unlike fixed-term loans, invoice finance typically grows alongside the business. As sales increase, so does the funding available. Because facilities are linked to trading activity, businesses can access additional working capital when needed without the same fixed repayment pressure. This flexibility allows businesses to bridge payment gaps, invest in growth opportunities and respond to changing market conditions with greater confidence. Just as importantly, businesses only draw funds when they need them, providing reassurance without unnecessary obligation. Business loans aren’t the wrong answer, they’re simply not always the best one. The right funding should support both today’s needs and tomorrow’s ambitions. Before taking on any finance, every business owner should ask three questions: •

What do I need the funding for?

•

How will it affect my cashflow over the next 12 months?

•

Is this the most appropriate funding solution for my long-term goals?

The answers could make the difference between finance that simply solves today’s challenge and finance that enables sustainable growth.

The key is matching the funding solution to the challenge

60 NACFB | Industry insight

Trust vs AI What’s changed in financial services marketing? Leah Brunskill Head of Marketing Lendco

henever someone asks me what’s changed the most in financial services marketing over the last five years, they expect me to say AI.

But for me, that’s not it. AI might have changed the way that marketers work, but if we look at it from the end user perspective, the change is in their consumer behaviour, and brand trust. AI has of course transformed the way marketers work. I use it most days. It saves hours, helps overcome writer’s block and makes those repetitive jobs a little less... repetitive. But we aren’t focused enough on the end client. AI hasn’t changed why people choose a broker, or why a broker chooses a lender. People still buy from people. What’s changed is when they decide whether they trust you. Five years ago, someone might have been referred to you by a friend, picked up the phone and arranged an appointment. Today, they’re likely to take that referral, then Google your business before picking up the phone. They’ll read your reviews and look at your LinkedIn profile. They’ll scroll through months of social media posts before you’ve even realised they’re looking. By the time they enquire, they’ve already made their mind up, which is why consistency has become even more important. The firms that seem to be “everywhere” usually aren’t spending hundreds of thousands on marketing. They’re simply showing up week after week. They’re commenting on interest rate changes. Explaining affordability. Celebrating client successes. Answering questions before they’re even asked. None of it is groundbreaking, but it works. I think that’s where we’ve started overcomplicating things. Firms are shelling out for expensive video production, the latest AI software or a trendy marketing campaign. In reality, most

people just want reassurance that you know what you’re talking about. If I were starting again tomorrow, whether it be broker to client, or lender to broker, I’d focus on three things: Firstly, I’d make sure people could find me. That means a website that’s up to date, Google reviews that reflect the service you provide and a LinkedIn profile that doesn’t look like it’s been abandoned since lockdown. Secondly, I’d share what I already know. Every broker and lender answers dozens of questions every week. Those conversations are content, so turn them into articles, short videos, social posts. Chances are, someone else is searching for exactly the same answer. Finally, I’d use AI as an assistant, not as a replacement. Let it draft the first version of an email or summarise a market update. Then, make sure it is exactly how you would deliver that information. It needs to sound like you – trust me, AI savvy clients can tell the difference! Markets always change. Products come and go, interest rates will move, AI will evolve. But to stay on top of all this change, stick to the fundamentals: Be visible. Be helpful. Be consistent. Be real. Do those things often enough and people will start trusting you long before they ever become your client.

Markets always change. Products come and go, interest rates will move, AI will evolve. But to stay on top of all this change, stick to the fundamentals

A SMARTER WAY TO BRIDGE

Flexible bridging finance, built with a clear route to term

At Cambridge & Counties Bank, we offer prompt, flexible residential, commercial and mixed‑use bridging loans, supported by experienced relationship managers, common‑sense underwriting and a clear transition to term finance, where appropriate. No upfront valuation fees and one set of legal documentation.*

2% arrangement fee.

Flexible payment options.

Transition to a longer term loan following the bridge.

Including serviced or rolled interest, or a combination of the two.

No exit fee when refinancing with our bridge-to-term facility.

Our transparent interest calculation means interest is calculated daily and charged monthly.

Flexible arrangement fee on the bridge to-term loan. * Where a bridging loan exits onto a term facility with us, there is typically one set of legal fees and a single valuation.

Stephen Parr Head of Bridging

Ref: CCB0150430

07485 314 192 bridging@ccbank.co.uk

Discover our range of products by scanning the QR code.

For intermediary use only. Cambridge & Counties Bank Ltd Registered Office: Charnwood Court, 5b New Walk, Leicester England, LE1 6TE. Registered in England and Wales No. 07972522. Cambridge & Counties Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under firm registration number 579415. Our authorisation can be checked at the Financial Services Register at www.fca.org.uk. Cambridge & Counties Bank Ltd savings accounts are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our property finance and asset finance are not regulated.

62 NACFB | Industry insight

Beyond the rate Why it is important to understand a lender’s collections culture Andrew Jackson Managing Director Swishfund Ltd

osses on defaulted loans are a direct cost to a lender’s bottom-line. At worst, too many losses cause senior facilities to be pulled, resulting in existential crisis. Lower-risk lenders mitigate this risk with fewer defaults, whereas higher-risk lenders offset losses against higher lending rates. Across the board, collections and recoveries strategies are instrumental for profitability and survival. Collections and recoveries strategies reflect the culture of the lender, and its financial strength. A lender who is fighting for every penny of profit may not give their customer any flexibility, and they may apply extortionate default fees. Aggressive collections strategies, particularly at the higherrisk end of the spectrum, can make all the difference between a long-term customer surviving or going under. During the banking crisis of 2008, many banks did not want to recognise their losses on their balance sheets. They were criticised for their strategy of ‘extend and pretend’, which later became ‘delay and pray.’ When Fintech emerged in 2010, it adopted some of the banks’ culture of hesitancy, together with the care of consumer collections. As a P2P lender, Funding Circle had a collections policy of ‘survival for revival’, which was highly successful in keeping business-owners out of insolvency proceedings. Yet, in the unregulated world of commercial lending, such softer and reputationally sensitive approaches were unnecessary and, in many cases, undesirable. As the alternative finance market matured it became more assertive, driven by a need for profitability and ROI. The highest risk alternative lenders do not cap their default fees or default interest, and some even make super-profit from distressed customers. In response to this, the best

brokers are taking a more holistic approach to their clients’ needs. These business finance professionals are not just comparing rates, terms and security; they are also considering how different lenders treat their customers in times of distress. Liam Meehan, principal business finance specialist at Funding Options by Tide explains: “Rate isn’t always the deciding factor. I’ll often present two options: Lender A at a lower rate, Lender B slightly higher, and explain exactly what you’re getting for that difference. In industries like construction, for example, a lender’s track record on payment holidays and collections flexibility can matter more than a fraction of a percent. My job is to give clients the full picture, and that transparency is what leads to building a relationship where clients come back to me over and over again and refer their friends and colleagues.” If a client ends up facing heavy-handed recovery tactics, unclear communication, or unexpected fees during a difficult period, it may reflect on the broker who placed the deal. Conversely, a lender known for fair, transparent, and proportionate collections handling protects the broker’s relationships and referral pipeline. Whilst it is not necessary to scrutinise every lender’s collections policies, a general understanding of such policies distinguishes business finance professionals from simply brokering a transaction and genuinely acting in their clients’ best interests.

Collections and recoveries strategies reflect the culture of the lender, and its financial strength

64 NACFB | Industry insight

Richard Cameron CEO Close Brothers

Making their move Business confidence and investment edge higher

onfidence among UK business owners has risen to its highest level since February 2022, according to our latest Close Brothers Business Sentiment Index. The index reached 25.5 points in March 2026, with five of the seven sectors surveyed recording an improvement in sentiment. While the findings do not suggest that economic concerns have disappeared, they do point to a business community that is increasingly willing to invest in its own future. The Business Sentiment Index is based on the views of business owners and senior decision-makers across the UK. It considers their appetite for investment over the coming 12 months, their access to finance, whether funding constraints have caused them to miss opportunities, their outlook for the wider economy and their expectations for their own business performance. Taken together, the results present a cautiously positive picture. SMEs remain uncertain about the direction of the economy, but many are more confident about their own prospects and are actively considering external funding to support investment.

Sector confidence begins to recover Agriculture was one of the strongest-performing sectors, with sentiment rising by 148%. This improvement was supported by a considerable appetite for investment, with 85% of respondents saying they expect to seek funding for their business during the next 12 months. Agricultural businesses were also slightly more optimistic than the wider market about the economic outlook. Some 46% expect the economy to improve during 2026, compared with a UK average of 41%. However, the same proportion remain concerned that the economy will slow, highlighting the balance between renewed confidence and continuing uncertainty.

When considering their own performance, 42% of agricultural businesses expect to grow during the year ahead, while 51% expect their position to remain broadly unchanged. The remainder anticipate contracting, but none of the respondents said they were planning to close. Print and Packaging recorded the largest increase in sentiment, rising by 181%. Investment intentions were similarly strong, with 78% planning to seek external funding over the next year. However, businesses in the sector were less positive about the wider economy. Only 38% expect conditions to improve, while 54% believe the economy will slow and 8% remain unsure. Despite those concerns, 38% of Print and Packaging businesses expect to grow. More than half anticipate maintaining their current position, while 8% expect to contract. These differences matter for brokers. A strong appetite for investment does not always sit alongside confidence in the economy. Businesses may be cautious about the wider environment while still recognising that they need to replace equipment, increase capacity, improve productivity or respond to new commercial opportunities.

Investment appetite remains strong Across all seven sectors, 70% of SMEs said they plan to seek external funding for business investment during the next 12 months. Transport and Haulage recorded the strongest investment appetite among the five other sectors examined, with 75% planning to seek funding. This was followed by Manufacturing and Engineering at 69%, Recruitment at 68%, Services at 67% and Construction at 61%. This creates a clear opportunity for brokers to begin conversations with customers before a specific funding requirement becomes urgent. Businesses may know that

While the findings do not suggest that economic concerns have disappeared, they do point to a business community that is increasingly willing to invest in its own future

they need to invest without yet understanding the range of finance available, how much they can borrow or which funding structure is most appropriate. The importance of early engagement is reinforced by the number of firms that have already missed opportunities because finance was not available when they needed it. Across the UK, 34% of SMEs said they had missed a business opportunity during the previous 12 months due to a lack of funding. The figure rose to 48% among Recruitment businesses and 39% within Services. Construction was broadly in line with the UK average at 33%, while Manufacturing and Engineering stood at 30%. Transport and Haulage was considerably lower at 23%. The Federation of Small Businesses has previously identified access to finance as a barrier to economic growth, alongside uncertainty among small firms about where to find reliable information on the funding options available to them. Brokers therefore have an important role not only in arranging finance, but in helping business owners understand what is possible before an opportunity passes.

Caution on the economy, confidence in business Business owners remain more sceptical than optimistic about the wider economy. Across the UK, 41% are confident that the economy will grow during the next 12 months, while 45% are concerned it will slow. The remaining 14% expect no significant change.

Views vary by sector. Manufacturing and Engineering businesses were among the most positive, with 46% expecting growth and 39% anticipating a slowdown. Services were also relatively balanced, with 45% expecting improvement and 44% expecting weaker conditions. Construction and Transport and Haulage were more cautious. In Construction, 52% expect the economy to slow, compared with 36% who expect growth. Among Transport and Haulage businesses, 50% anticipate a slowdown and 35% expect improvement. Recruitment businesses were evenly split, with 40% expecting growth and 40% expecting the economy to slow. Businesses were more positive when assessing their own prospects. Across the UK, 40% expect to expand, 53% expect to remain at their current level, 6% anticipate contracting and just 1% expect to close. Recruitment was the clearest outlier, with 52% expecting to expand. Growth expectations also stood at 43% in Manufacturing and Engineering, 41% in Services, 40% in Construction and 36% in Transport and Haulage. The overall picture is positive, but nuanced. SMEs remain cautious about economic conditions, yet many are prepared to invest in their own growth. For brokers, the opportunity lies in understanding those sector differences and helping customers access practical, well-structured finance before ambition becomes another missed opportunity.

Whether it’s Commercial, Buy-to-Let, Development or Bridging, we’ve got the team for you. We understand property from the ground up. It’s this experience that shapes faster decisions, smarter deal structures and finance that works in the real world. Up to

75% LTV

Up to

£0.5m - £20m

Loan to Value Ratio

60 Months Loan Term

Typical Loan Size

www.blackfinchproperty.com

propertyenquiries@blackfinch.com

Sticking to the trail How brokers can navigate the post-Hopcraft landscape

68 NACFB | Broker voice

Evette Orams Managing Director Hilton-Baird Financial Solutions

ngoing commissions, or trail or lifetime commissions, are payments made to a broker or introducer over the life of a facility rather than only at completion. They are prevalent in some commercial finance products and particularly common in invoice finance, where they have long formed a core part of specialist brokers’ revenue models. Recent legal and regulatory developments mean these arrangements need clearer explanation, justification and evidence. Any serious discussion of trail commission must begin by recognising that not all trail is the same. In asset finance, broker income is typically paid at completion as a proportion of the facility size, so the commission position is effectively closed once the transaction completes. Invoice finance is different. Facilities are revolving, utilisation-dependent (based on turnover notified) and priced through service fees, discount charges, composite fees and annual minimum fees that vary by lender and product. In that context, trail commission is essentially deferred origination income and akin to risk-sharing.

Better disclosure means communication that reflects invoice finance’s nuances, provides information early and gives the client genuine choice

That distinction matters. Where a broker’s ongoing income is linked to a share of the lender’s service fees or annual minimum service fees, rather than the facility limit, the broker participates in the relationship’s economic performance. If the client’s turnover, utilisation and consequently the lender’s income fall, so too does a broker’s income. That mutuality differs from passive legacy commission paid irrespective of service, outcome or economic reality. The key question is what the ongoing commission is actually for. It is defensible where the broker remains active after completion: maintaining dialogue with client and lender, providing support, explaining decisions in market context, adding an impartial lens when friction arises and identifying further facility needs. The broker is then not merely the introducer; they are an embedded intermediary providing market insight the client may otherwise lack. Trail commission can also be justified where it is clearly structured as deferred acquisition cost, particularly where an upfront fee has in effect been reduced in exchange for remuneration spread over the facility’s life. Harder to defend

is trail commission that functions purely as passive income, where the broker’s involvement ends at completion and the initial fee is comparable to upfront-only arrangements. That can resemble undisclosed profit, although invoice finance broker fees are embedded in pre-existing funder-broker terms and not negotiable by the client. This is especially important in invoice finance, where upfront commission is unlikely to be comparable with products that pay a larger sum at completion based on facility size. Initial remuneration may also be linked to the take-on ledger, annual minimum fees or anticipated first-year income, none of which necessarily equates to a simple percentage of the facility.

Raising the disclosure bar The Supreme Court’s judgment in Hopcraft, Johnson & Wrench [2025] UKSC 33 did not abolish trail commission, but it raised the disclosure bar. The Court confirmed undisclosed or insufficiently disclosed commission can give rise to claims in equity where a lender pays secret or half-secret commission to a broker owing the borrower a duty of loyalty. The borrower must understand that commission exists – as well as an understanding of its nature and scale – to give informed consent. Generic small-print, or saying commission may be payable without quantification, is unlikely to be enough. In invoice finance, meaningful disclosure is more complex than in term lending. At the outset, the eventual commission value may not exist because it depends on lender quotes, charging structures, utilisation and projected client activity. Similar looking facilities can be priced differently, and brokers do not control lender pricing. Disclosing a figure too early may therefore mislead. The answer is disclosure of the existence of commission at the earliest practicable stage: explaining the structure and basis, including how commission is calculated, what variables affect it and when accurate figures can be provided. Brokers should then provide the amount of commission for the upfront payment and an explanation that commission will be received throughout the term of the agreement once quotes are available or prior to the signing of the finance agreement and allow the client genuine opportunity to understand and consent before proceeding. Conduct must remain client-outcome focused, with processes protecting against bias through objective introduction criteria and separation between client-outcome responsibility and

commercial commission discussions. A balanced scorecard covering outcomes, retention, service quality and relationship health – not revenue alone – can evidence appropriate behaviours. Records should show why an introduction was made, acting as a suitability assessment. Retention and attrition may indicate whether brokers prioritise facilities which provide long-term benefits, while unnecessary transfers cost clients time, disruption and fees. The regulatory backdrop reinforces the point. The FCA Consumer Duty requires regulated firms to consider whether commission structures distort behaviour or produce poor outcomes. Commercial finance firms should not assume that being outside that perimeter provides complete insulation. That said, Hopcraft arose in equity and clarified that fiduciary duties do not attach merely because trust and confidence exist between borrower and broker – something more, an undertaking of loyalty, is required.

Trust is the strongest defence Clearer disclosure should be an opportunity to enhance trust. Detailed terms, fee schedules and disclosure letters do not guarantee understanding. Better disclosure means communication that reflects invoice finance’s nuances, provides information early and gives the client genuine choice, including commission or direct-fee remuneration where appropriate. Clients understand procurement, market knowledge, lender relationships, compliance, best practice and expertise have value and are typically comfortable with commission-based remuneration when it is explained openly. The risk lies less in ongoing commission itself than in failing to explain it. A market that treats disclosure as evidence of confidence, not guilt, will be stronger and more sustainable. Disclosure is not something to fear. Not disclosing is.

The broker is then not merely the introducer; they are an embedded intermediary providing market insight the client may otherwise lack

70 NACFB | Opinion

The case for commercial Why property investors should look beyond residential in 2026 Theo Theodosiadis Head of Credit Proplend

he default strategy has long been straightforward: buy residential, let it out, repeat. Buy-to-let (BTL) built fortunes over two decades, and its appeal is understandable to most of us in the industry-familiar asset class, easier to understand, accessible financing, and a tenant demand story that rarely needed explaining. But 2026 looks different. An amalgamation of regulatory, fiscal, and market pressures has fundamentally altered the residential investment approach, and a growing number of investors are asking a question that would have seemed unnecessary five years ago: is it time to diversify into commercial?

The residential squeeze The recent challenges for BTL landlords are well-documented but worth stating plainly. The phased removal of mortgage interest tax relief, now fully embedded, has materially reduced net returns for higher-rate taxpayers. Stamp duty surcharges on additional residential properties add friction at the point of acquisition. And the impending EPC requirements (with the government’s trajectory pointing towards a minimum C rating for rental properties) are forcing landlords to confront potentially significant capital expenditure on older stock. Add to this the Renters’ Rights Act, which abolishes Section 21 no-fault evictions and introduces greater tenant protections, and the operational complexity of residential letting has increased considerably. None of these changes are fatal in isolation, but together they compress margins and elevate risk in ways that are prompting serious investors to reconsider their allocation.

What commercial offers Commercial property still operates under a fundamentally

different framework, and one that can be more favourable to investors in the current environment. Full Repairing and Insuring (FRI) leases place maintenance and insurance obligations squarely on the tenant, reducing the landlord’s ongoing cost burden. Lease terms tend to be longer, providing income visibility that residential tenancies simply cannot match. And rent review mechanisms, whether open market, index-linked, or fixed uplift, are contractually embedded, offering structured income growth over time. The asset class is also broader than many investors appreciate. Industrial units, trade counters, retail warehousing, and mixed-use assets all sit within the commercial umbrella, each with distinct risk and return profiles. Diversification within commercial is itself a meaningful strategy!

A different kind of due diligence Commercial investment does demand a different skillset. Tenant covenant strength, lease structure, and yield-based valuation require more specialist analysis than residential comparables. Financing is more bespoke, and we, as lenders, scrutinise income security carefully. But for investors willing to engage with that complexity (ideally alongside experienced advisers and lenders) the risk-adjusted returns can be attractive. The residential market will always have its place. But nowadays, the case for broadening into commercial is strong.

The operational complexity of residential letting has increased considerably

Find out more closebrokersolutions.co.uk/nacfb

72 NACFB | Opinion

Making capital work Why flexibility is fast becoming a strategic priority Chris Meldrum Head of Business Development for Structured Finance Aldermore

or most UK businesses, growth is rarely held back by ambition. It is held back by cash flow. The gap between delivering goods or services and being paid for them can place real strain on a business, and that strain has only sharpened amid rising costs, lengthening payment terms and ongoing economic uncertainty. This is where working capital solutions such as invoice finance and asset-based-lending (ABL) come into their own, even though both often remain misunderstood, and underused, than they should be. At their core, these solutions are about unlocking value that already exists within a business, rather than relying solely on historic trading performance or fixed assets alone. The value of this approach becomes clearest in moments of transition: scaling quickly, navigating supply chain disruption, managing a surge in demand, or going through a change in ownership. These are exactly the scenarios where traditional fixed-limit lending can struggle to keep pace, while working capital finance is designed to move with the business. For brokers, this presents a genuine advisory opportunity. Too many conversations with clients still start and end with cost, when the more useful question is suitability: does this facility match how the business actually operates and grows? Helping clients see the value of flexibility and funding certainty, not just headline pricing, tends to lead to better outcomes over the life of a facility, not just at the point of drawdown. Invoice finance is widely used by well-run, growing companies as a deliberate and proactive choice yet awareness of this remains lower than it should be.

As the funding market continues to diversify, working capital solutions look set to play an even larger role in supporting the UK’s SMEs and mid-sized businesses. For brokers, understanding when and why they fit will be central to helping clients navigate both opportunity and challenge. At Aldermore, we’ve seen this play out in practice. From supporting a management buy-in at JPH Steelworks with a combined invoice discounting and Growth Guarantee-backed facility, to enabling Flo Group’s Cash Flo to scale with an £8 million working capital line, to funding the acquisition of historic engineering firm Cross & Morse through a tailored ABL package – the common thread is clear. In each case, funding was structured around how the business operates, not forced into a standard model. That’s where brokers play a critical role. At Aldermore, we see first-hand how the right working capital solution can unlock growth, giving businesses the flexibility and confidence to seize opportunities as they arise.

The gap between delivering goods or services and being paid for them can place real strain on a business, and that strain has only sharpened amid rising costs, lengthening payment terms and ongoing economic uncertainty

The gap between

Where You Are & Where You’re Going! Every development project has a moment when the pieces don’t quite line up, when your land is ready but planning consent needs time, or your completed scheme is waiting for the right buyers. These moments shouldn’t put your project at risk. At Secure Trust Bank, our bridging loans are designed to bridge exactly these gaps,

The numbers

that matter... £2m to £20m 3 to 24 months

providing short-term, structured finance that keeps momentum on your side.

We offer: Land Bank Finance

Up to 70% LTV on development exits; up to 60% RLV on land bank Rolled or serviced interest Competitively priced, floating rates over Bank of England base rate

Development Exit Finance

Find out how we can help

securetrustbank.com/real-estate-finance/bridging-loans Secure Trust Bank PLC. Registered in England and Wales 541132. Registered Office: Yorke House, Arleston Way, Solihull, B90 4LH. Real Estate Finance lending Is not regulated by the Financial Conduct Authority.

74 NACFB | Opinion

Thinking outside the box The financing gap brokers should know Jonathan Cartier Co-Founder Lakeshield

he past decade of UK industrial property has had one dominant narrative: large logistics units, e-commercedriven demand, and institutional capital pursuing scale distribution. That story is accurate. But it has overshadowed a different part of the market, one with its own supply constraints, occupier dynamics, and financing challenges.

acquiring rather than renting a property the business already occupies makes long-term financial sense. However, mainstream commercial lenders typically require a trading history from the property being financed, which does not exist at the point of acquisition, so cannot provide funding. Bridging finance addresses this gap directly. The business acquires the property, operates from it, and establishes the track record needed for term lending. Where an OpCo/PropCo structure is being adopted, bridging funds the acquisition into the separate holding vehicle until the income profile supports a mainstream refinance.

The sub-100,000 sq. ft sector, covering workshops, trade counters, and small distribution facilities, operates differently from the headline market. In most UK regions, occupier demand for this type of stock has consistently outpaced available supply. The investor opportunity here is often not to develop from scratch but to acquire existing assets where pricing, vacancy, or physical condition has created a short-term dislocation. The asset has demand; it just needs capital to make it fit for purpose.

Where mainstream lending ends

The EPC dimension

In this situation, bridging finance can be the difference between an investor or owner-occupier acquiring an asset and missing out on a worthwhile opportunity.

A significant proportion of existing smaller industrial stock carries EPC D or E ratings. As minimum energy performance requirements tighten, assets below the threshold become unlettable without improvement works. For investors able to identify assets with poor energy performance, the refurbishment cost is frequently modest relative to the value created by returning the unit to a compliant, lettable condition. This goal is straightforward in principle: acquire using short-term finance, undertake improvement works, establish a rental income stream, and refinance onto a term loan. Short-term lending aligns naturally with the acquisition-to-stabilisation period for this type of transaction, making bridging finance the practical funding vehicle for the full cycle.

Owner-occupiers and OpCo/PropCo transitions A number of smaller industrial deals involve trading businesses purchasing their own premises. The commercial case is clear:

Mainstream commercial lenders apply criteria built for stabilised assets and established income streams. Vacant units, assets requiring refurbishment, and owner-occupiers with limited trading history typically fall outside those parameters. This reflects how credit risk is managed at scale, not a flaw in the mainstream market.

For brokers advising clients on industrial assets, knowledge of the scenarios and funding landscape is vital to secure the best investment outcomes.

Bridging finance can be the difference between an investor or owner-occupier acquiring an asset and missing out on a worthwhile opportunity

Sustain your clients’ ability Whether clients are looking to improve their EPC ratings, or hire energy-efficient equipment, our sustainability solutions offer zero-arrangement fees or reduced interest rates to support their ability to develop and grow.

To find out more call direct on 0345 901 3121 or email us at brokerdirect@lloydsbanking.com

All lending is subject to status. Eligibility criteria apply. Interest is calculated daily and paid monthly. There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate will not change. Calls may be monitored or recorded. Please note that any data sent via email is not secure and could be read by others. Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

76 NACFB | Opinion

Turning heads Carl Graham Sales Director Charles Street Finance

Restructuring fragmented debt into strategic opportunity for SME clients

ith 5.7 million SMEs operating across the UK, the sector should be a key driver of growth. Yet many are being held back, not only by the cost of high-rate, short-term debt, but by limited or slow access to capital when opportunities arise to acquire property. At Charles Street Finance, we’re seeing revolving credit facilities (RCFs) increasingly used as a more structured way of providing access to capital, allowing businesses the flexibility to fund future opportunities. For landlords and property investors, that flexibility is critical. Funds can often be drawn within 48 hours, enabling clients to move quickly on time-sensitive or off-market acquisition opportunities, and in some cases negotiate more favourable purchase terms. For SMEs, the same facility offers a structured way to refinance higher-cost, short-term debt into a more stable, property-backed line of credit, improving cashflow management while maintaining ongoing access to capital.

What is an RCF? A revolving credit facility is a flexible credit line secured against commercial, residential or semi-commercial property that a business can draw down, repay and reuse as needed, rather than a fixed-term loan with a set repayment schedule. In practice, it can be used in two key ways: •

As an ongoing source of capital, allowing businesses to access funds quickly when opportunities arise, without needing to arrange new finance each time.

•

To restructure existing borrowing, bringing multiple facilities into a single credit line.

A more structured and sustainable approach Compared with high-cost, short-term borrowing, the differences are practical. Because RCFs are secured against property, the overall cost of borrowing is typically lower. Repayments are structured over a longer period, allowing businesses to reduce the underlying balance rather than servicing multiple facilities. The facility also remains available, with funds accessed within short timeframes, reducing the need to refinance or arrange new borrowing each time capital is required.

Setting SMEs up for stability and growth For brokers, this creates a cleaner way of resetting complex cases by focusing on how a client’s borrowing is structured, rather than individual facilities.

We’re seeing revolving credit facilities (RCFs) increasingly used as a more structured way of providing access to capital

A better match makes better finance For brokers placing purpose‑led deals. Relationship‑led funding for social care and impact‑driven organisations, backed by robust financial plans. Our specialist sectors include: Elderly & adult social care • Children in care • Supported living • SEN education • Affordable housing • Sustainable property • Faith-based organisations • Sustainable tourism • Arts & culture

78 NACFB | Opinion

From proposal to payout The service gap no one measures Christian Roelofs Chief Executive Officer Finativ

very commercial finance broker carries a mental league table. You know which funder will turn a clean proposal around in hours, and which will still be chasing the same document a week later. You know who stands behind an indicative decision and who quietly reopens it at payout. That knowledge is hard won, and it rarely travels beyond the broker who holds it. Rate dominates the conversation because rate is easy to compare. The deal itself, though, is won or lost across the whole journey from proposal to payout: how quickly a decision arrives, whether documents execute cleanly, how fast the money actually lands. When any of those stalls, the client feels it, the introducer remembers it, and the next case goes somewhere else. Service is the factor brokers weigh most heavily and the one the market measures least. Brokers are the only people who see every funder across every stage of that journey. A funder knows its own performance but a broker knows the field. Pool that experience and you produce something no single funder can generate alone: a broker’s-eye benchmark of who genuinely delivers, stage by stage, and how it shifts year on year. What gets measured gets managed, and service standards have gone unmeasured for too long. The useful questions sit beneath the headline scores. Which stage breaks most often, and is it the same one across the market? Is “most improved” a genuine trend or simply a blip? Does a polished broker portal really speed a deal up, or move the friction somewhere less visible? Answer those with real data and the discussion rests on evidence rather than anecdotes. We ran a first version of this last year, and the aggregated, anonymised findings reached the funders the broker customers rated. They paid attention and, this summer we are inviting more brokers to rate the funders they work with across the

prop-to-payout journey, confidentially, and to see the results before anyone else does. The point of measuring is not to name and shame. A clear view of where deals slow down helps everyone raise their game – brokers sharpen how they place business, funders fix the stages that cost them deals, and the end client gets funded faster. When the journey from proposal to payout runs well, asset finance looks like the fast, dependable option it should be, and the whole channel competes harder for the businesses it serves. Brokers already know where the friction lies. Turning that knowledge into something the market can act on is how the whole industry improves, and how the customers who rely on it are better served.

Have your say Brokers can take part in this year’s prop-to-payout survey at: finativ.co.uk/survey.

A clear view of where deals slow down helps everyone raise their game – brokers sharpen how they place business, funders fix the stages that cost them deals, and the end client gets funded faster

When opportunity can't wait for .a remortgage. Second charge bridging is back at Precise. Visit www.precisemorgages.co.uk/seconds Intermediaries only.

80 NACFB | Opinion

Paul Kelly Healthcare Lead Unity Trust Bank

Care homes and social care Financing for the future

he adult social care sector is entering a period of meaningful reform, but also sustained operational pressure. The sector is under continued scrutiny, with the Casey Commission, an independent review led by Baroness Louise Casey, set to deliver its first recommendations later this year – helping to shape the government’s ambition towards a National Care Service. While this may provide valuable long-term directives, with the Commission’s final report expected in 2028, operators continue to face a series of immediate sector challenges. To meet the current and future needs of the population, care homes must be ‘homes from home’, supporting individual dignity and wellbeing, while fostering a sense of community. Increasingly, this also means aligning with sustainability objectives, including improved EPC ratings and energy efficiency. However, these ambitions must be balanced with the reality of local authority funding constraints, with councils facing significant financial pressures that directly impact the accessibility and affordability of care provision across the UK. At Unity, we recently published a white paper which reviewed care home provision in all 543 Westminster Parliamentary constituencies in England. Our research revealed that many popular retirement destinations risk becoming ‘care traps’ for older residents, due to an acute shortage of care homes and a growing elderly population – with 36 seats in the bottom quartile for care beds and the top quartile for residents aged 65 and over. In addition to rising demand and postcode pressure points, operators must also tackle increased labour costs, tax reforms, and tightening budgets. In this context, technology has an important role to play, delivering operational efficiencies that can help protect margins while enhancing care delivery.

However, social care remains a people-driven sector, led by the commitment and capability of owners, operators, management teams, and frontline staff. Delivering personalised care that reassures both residents and their families is at the heart of success and should be an organisation’s driving force. To support this, providers must continue to invest in recruitment, retention, and training to help maintain standards and ensure the best quality care for all. In this environment, partnership remains key. Navigating the complexities of the sector requires collaboration between experienced operators and a strong advisory network – including debt advisors, brokers, consultants, legal advisors and sector-focused banks. Access to informed, specialist funding is essential, helping to ensure sustained investment in the care provision that people need – both now and in the future. As the sector continues to evolve, those operators supported by the right partners – with a focus on people, place, policy, and performance – will be best placed to deliver care that is truly fit for the future.

Navigating the complexities of the sector requires collaboration between experienced operators and a strong advisory network

SemiCommercial Lending that delivers more LTV up to 75% including interest only

Can include small HMOs (up to 6 bed), AST or Holiday Lets

Tiered rates at 55%, 65% and 75%

Max loan per property up to £5m

I N T E R M E D I A R I E S O N LY

talk to us today ybs.co.uk/commercial

Commercial Mortgages provided by YBS Commercial Mortgages are not regulated by the Financial Conduct Authority.

YBS Commercial Mortgages is a trading name of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Head Oﬃce: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. YBM 13736 20 07 26

82 NACFB | Opinion

Growth begins with a decision to invest Commercial finance gives businesses the confidence to act Shanika Amarasekara MBE CEO Finance & Leasing Association

rowth rarely starts in Whitehall. It starts when a business decides to invest: when a manufacturer replaces a machine, a logistics company adds vehicles to its fleet, or an owner opens a new site. Those decisions are made every day across the country. Most never make the headlines, but together they determine whether productivity improves, jobs are created and the economy grows. Behind many of them sits commercial finance. That is why the relationship between the FLA and the NACFB matters. Brokers and funders sit where finance meets the real economy. For many businesses, they are the system: the first conversation, the route through complexity and, often, the source of confidence needed to act. That confidence is in short supply. Businesses have lived through inflation, higher borrowing costs, labour shortages, energy pressures and geopolitical instability. Many know they need to invest in equipment, technology and lower-carbon operations, but hesitate over whether the timing is right. Our role is not simply to offer products. It is to understand what the customer is trying to achieve and identify the most appropriate form of finance. Sometimes that will be asset finance; sometimes invoice finance, working capital, commercial lending or property finance. The product should follow the need, not the other way around. There are encouraging signs. Asset finance new business rose 9% in March and 3% across the first quarter, with a record £4.5 billion of new business in March alone. But confidence remains uneven, and the next 12 to 24 months will be important. Good regulation is central to this. It builds trust and protects customers, but it must understand the market it governs. Business finance is not consumer finance. A van is how a firm

earns; a machine may be what allows it to win its next contract. Regulation must work with the grain of business investment, not against it. The industry must also take responsibility for its own standards. Stronger collaboration between lenders, brokers and trade bodies helps us identify risks earlier, improve practice and speak more effectively to policymakers. The same principle applies to lending decisions. Unsecured finance has an important role, particularly where speed and flexibility matter. But speed is not the same as suitability. When businesses stack several short-term facilities, we should ask whether we are solving a problem or merely postponing it. Where finance supports an income-generating asset, specialist asset finance may provide a more sustainable answer. Technology will improve access, reduce friction and speed up decisions. AI will play its part. But judgement, context and trust remain human, and commercial finance remains a relationship business. Our priorities should be clear: access, suitability, proportionality and partnership. Get those right, and we can give viable businesses the confidence to invest and turn ambition into growth.

This article was adapted from Shanika’s keynote address at the NACFB Commercial Finance Expo in June.

0800 848 8480 contact@momentafinance.co.uk momentafinance.co.uk

FINANCE SIMPLIFIED Our range of funding options equips you to meet diverse client needs with speed and precision. Our streamlined process offers extended terms up to 84 months and competitive interest rates starting from 7% p.a. Unsecured Business Loans

Bridging Loans

Secured Business Loans

Development Finance

Growth Guarantee Scheme

Commercial Mortgages

Scan for our Product Guide

Momenta Finance is an accredited lender with the British Business Bank. Momenta Finance is the trading name of Merchant Money Ltd, who acts as a lender. Merchant Money Limited is authorised and regulated by the FCA in respect of our consumer credit activity. Our lending to limited companies, incorporated partnerships and unincorporated partnerships of three or more is not regulated by the FCA. Registered in England (Co. No. 04504897) with registered office at 3rd Floor 86-90 Paul Street, London, England, EC2A 4NE. Registered as a data controller under the Data Protection Act 2018 with the ICO (registration Z303864X)

84 NACFB | Listicle Just a few snapshots from a summer well spent - familiar faces, new connections and plenty of moments worth remembering. We hope you enjoyed it as much as we did, and we look forward to seeing you again soon. Share your own summer photos on social media using NACFBSummer

NACFB 33 astcheap

Until next time,

London

Team NACFB

C3M 1DT

86 NACFB | Five minutes with

Five minutes with: Charissa Chang Head of Sales, North and Midlands | Allica Bank

What attracted you to work for Allica Bank? The chance to help build a bank from scratch doesn’t come along very often. It was a chance to step outside my comfort zone and take a leap of faith.

What does a perfect day off look like for you?

What is your biggest fashion regret? Have you seen it re-emerge since?

What is the best part of your current role?

A picnic in the park. Yummy food and drinks with all my favourite people and the sun shining.

In the early 2000s, I read a feature about making a wrap dress. Convinced I could do it, I went to a fabric shop and bought a few metres of pink sheer material. I wrapped it around my neck like a halter top, draped the rest around my waist as a skirt, and held the whole thing together with a giant flower brooch. I spent all night trying to stop it unravelling!

Without a doubt, it’s the team. There’s a real sense of teamwork, trust, and shared ambition. That can’t be taken for granted.

What was your favourite artist or band when you were at school? What’s your favourite now? I loved Bros, Kylie, and anything Motown or soulful that my parents played. In my teens, I was into the Red Hot Chili Peppers, Alanis Morissette, Counting Crows and Oasis. I’m really lucky that my daughter loves music too, so we go to gigs together now. Have you checked something off your bucket list? What was it? I took my daughter to Lapland to see the Northern Lights. That was magical and I’ll treasure that memory forever.

What was your first job? At 17, I was a waitress in a sports bar called Jamrock in Kingston, Jamaica. What’s your favourite bad joke? A lender, a valuer and a solicitor walk into a bar… Completion gets pushed back by six weeks. If you have a pet, what is it and what’s its name? A 4-year-old toy cockapoo named Coco Mary Chanel Jolly. (My daughter’s choice!) Do you prefer physical books, digital books, or audiobooks? Why? You can’t beat the smell of the pages and feel of a physical book – especially when on holiday! What is your ultimate movie snack? Salted popcorn… and a Prosecco!

What small thing makes your job easier/better? Picking up the phone and having a conversation! What is the best work event you have been to? What made it so great? I can’t pick just one! I will say that the most memorable events are rarely the biggest or most extravagant. They bring the right people together, create fun moments and great conversations, and leave everyone feeling connected and fulfilled. What development might disrupt commercial finance and how should we, as an industry, respond? AI has the potential to transform commercial finance. Not by replacing people, but by speeding up and simplifying our work. That will help all of us. Commercial lending will always be about understanding people, businesses, and risk. The most successful firms will combine great technology with human expertise. How do you stay motivated during challenging times? When things get tough, I don’t focus on the mountain. Instead, I concentrate on taking the next step.

Plan A will get back to you by the end of next week.

It’s time for Plan Alternative. When your usual lending strategy can’t handle the pace, the original alternative is here.

United, we go further

Mortgages Buy to Let and Bridging

Your drive. Our expertise. United. At United Trust Bank, we believe that we can achieve more together than alone. That’s why we've recently launched a raft of new service and criteria enhancements designed to help you place more cases, move faster and deliver greater certainty for your clients.

www.utbank.co.uk/intermediaries Mortgages, Buy to Let & Bridging | Asset Finance | Real Estate Finance | Savings & Deposits

NACFB - Commercial Broker magazine - Q3 2026