NACFB - Commercial Broker magazine - Q3 2025

Beyond awareness

Advocating with insight, not just noise

Trading names

Appointment of contact

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Greg Barnard Head of Field Underwriting Specialist Mortgages

In this issue

4 Note from Jim Higginbotham

6 Updates from the Association

9 Note from headline sponsor: NatWest

10 Industry news round-up

Patron profile

12 Elite Lending: Changing the game

Compliance update

14 NACFB: Trading places?

Ask the expert

16 Doc2: Seamless by design

Special features

18 Metro Bank: Our first port of call

20 NACFB: Beyond awareness

24 NatWest: Intangible but valuable

26 FlexABL: Unmatched flexibility

30 Reward Funding: The magic triangle

32 Liquid Link: The funding roadblock

34 Paragon Bank: Going green?

36 The big interview: Allica Bank’s Stephen Spinks

40 Atelier: One fine day Industry insights

42 SWIG Finance: Making a difference

44 GC Business Finance: Challenging times

46 Time Finance: Embrace don’t replace

48 British Business Bank: Enabling finance

50 YBS Commercial Mortgages: It’s personal Opinion & commentary

52 VIBE Finance: Women welcome?

54 Octane Capital: Building allowed

56 Alternative Bridging Corporation: From start to finish

58 Claratus Commercial Finance: Backing business ambition

60 Birmingham Bank: Broker voices matter

62 Market Financial Solutions: The great wealth transfer

64 Let’s Do Business Finance: Serving the underserved

66 Hampshire Trust Bank: Opportunity knocks

68 The big five: Must-visit destinations at NACFB Expo

70 Five minutes with: iwoca’s Steven Scoufarides

Further Information

Kieran Jones Editor & Feature Writer Kieran.Jones@nacfb.org.uk

Jenny Barrett Communications Consultant Jenny.Barrett@nacfb.org.uk

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

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

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

Magazine Advertising 0207 101 0359 Magazine@nacfb.org.uk

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Jim Higginbotham Chief Executive Officer

NACFB

The bigger picture

Whether you’re reading this ahead of the NACFB Commercial Finance Expo or flicking through these pages at the event itself – welcome.

If you haven’t yet made plans to join us in Birmingham, there’s still time – and I’d urge you to reconsider. This isn’t just another date in the diary, remember it’s your day. A day built for brokers, shaped by your feedback, and dedicated to celebrating the vital role you play in powering UK business.

If you’re reading this from our flagship event, I hope you’ll stop by and say hello. You’ll most likely find me in the Big Picture Theatre, listening in on some of today’s sessions – or over at the NACFB stand.

We’ve reimagined our stand space this year to feel more like a home for brokers: open, comfortable, and collaborative. And if it’s later in the day, you may well catch me in the Broker’s Arms – our very own pub – reflecting on what I’m confident will be another incredible event.

The stand is more than a place to meet – it’s your gateway to understanding the full value of NACFB membership. Whether you’re long-standing, newly joined, or just curious, we’d love to show you what’s changed, what’s new, and where we’re heading.

This issue of the magazine also shines a light on the bigger picture. Our cover feature pulls back the curtain on the advocacy work we’re doing on your behalf. And don’t miss our head of compliance’s timely piece on the common pitfalls around broker trading styles – an issue that’s surfaced in too many recent assurance consultations.

I hope you enjoy the read, and if you’re here at Birmingham’s NEC, I look forward to seeing you in person.

NACFB to match first £10,000 in charity donations

Community to raise funds for The Unbeatable Eva Foundation in 2025

The NACFB has pledged to match every pound donated –up to the first £10,000 – to support children and families affected by Diffuse Intrinsic Pontine Glioma (DIPG), a rare and aggressive form of terminal childhood brain cancer.

Earlier this year, the Association named The Unbeatable Eva Foundation as its official charity partner, setting a fundraising target of £30,000 and rallying its broker and lender community to get involved. DIPG, though classified as rare, affects a child in the UK every nine days. Every diagnosis is currently terminal, and the average life expectancy after diagnosis is less than 10 months. Treatment options have remained unchanged for over 70 years.

The partnership was inspired by a deeply personal story from within the NACFB community. In January 2020, Eva Slapa was diagnosed with DIPG. She passed away 12 months and eight days later, in 2021. Her father, Paul Slapa, said: “This partnership enables us to talk about DIPG, and the impact of this terminal and aggressive brain cancer, on a much broader scale. It also helps us continue to support families by enabling them to make precious and lasting memories together – something we know the importance of firsthand.”

The Foundation, which funds critical research and clinical trials as well as family support initiatives, was chosen in part because of its small size – highlighting the NACFB’s desire to make a meaningful and visible difference.

The NACFB will also be holding special fundraising activities at all major events throughout 2025, including this month’s NACFB Commercial Finance Expo. Members, Patrons, and Partners are encouraged to lead their own initiatives.

Beyond donations, the Association aims to amplify the Foundation’s mission and raise vital awareness – both locally and nationally – of the urgent need for research and support around DIPG.

Anyone wishing to donate, can do so by scanning the QR code or visiting justgiving.com/page/nacfb-supports-theunbeatable-eva-foundation

Key dates for 2025

Bills, bills, bills

How the Employment Rights Bill could affect businesses

Dave Furnival Head of Broker NatWest

Anew government bill represents the biggest upgrade to workers’ rights in a generation, and UK businesses will need to make sure they are ready for the changes.

The Employment Rights Bill ushers in 28 wide-ranging reforms to laws governing day-one employment rights, statutory sick pay, paternity and parental leave, as well as enhanced protection from unfair dismissal.

As a result, businesses should review their internal processes and prepare for the possibility of increased administration costs to implement the new rules and ensure ongoing compliance.

Some of the key changes in the Bill include:

• Unfair dismissal rights: Employees will have a new right not to be unfairly dismissed as soon as they begin employment, subject to a probationary period. Currently, employees have limited legal rights and protection during the first two years of employment.

• Flexible working requests: Employees will have the right to request flexible working arrangements from the first day of employment. Previously, employees needed to work for six months before requesting this. Businesses could face increased payroll costs as they adopt flexible working patterns that require additional staff cover.

• Pregnancy and new-parent protections: The new legislation extends redundancy protection for pregnant employees and those returning from maternity, adoption, or shared parental leave. These could increase the complexity and cost of managing workforce reductions.

• Carer leave entitlement: Employees who are unpaid carers will be entitled to up to one week of unpaid leave each year. This could temporarily reduce workforce availability. SMEs

with small teams may struggle to balance absences with operational demands, potentially impacting revenue.

• Regulation of tips: The Bill introduces new rules requiring employers to ensure that all tips, gratuities, and service charges are distributed fairly among staff. This might require investment in new payroll systems or staff training.

• Zero-hours contracts: The Bill introduces new rights for workers on low hours or zero-hours contracts to be offered guaranteed hours if they work regularly over a defined period.

Managers will need to invest time in understanding the reforms and updating their internal policies, as failure to comply with these changes could lead to legal disputes, reputational damage, or penalties.

A by-product of the Bill could be that employers focus more heavily on preserving their day-to-day cash flow, giving them the opportunity to accumulate funds to invest in future expansion.

For brokers, understanding the potential impacts of the Bill will help in providing guidance during the transition period and, in some cases, this could lead to financial support to help clients implement new procedures.

Implementing the Bill’s changes will take time, and most reforms will not happen until at least 2026. Unfair dismissal rights changes will not take effect until Autumn 2026 at the earliest.

But once consultation documents are published, brokers, banks and professional advisors should be on hand to help businesses implement the changes when needed.

The team at NatWest Mentor has put together a valuable Employment Rights Bill guide for businesses – scan the QR code to access. Please note that some Mentor services incur a cost. You can find out more by calling 0800 970 9814.

Full team ahead

Industry news

Inheritance tax reforms prompt business concerns

Proposed changes to inheritance tax, particularly regarding business property relief (BPR), threatens the survival of family businesses in the UK, John Lamont, MP for Berwickshire, Roxburgh and Selkirk has warned. He said that a significant tax bill upon a founder’s death could force the sale of assets or shut down entirely. The Government’s lack of prior communication about these reforms has left businesses unprepared, leading to hiring freezes and stalled investments. Lamont has urged the Government to reconsider, pointing to the essential role family businesses play in the economy.

Buy-to-let investment hits record low

Buy-to-let investment in Britain has reached its lowest level since before the financial crisis, with landlords purchasing only 10% of homes sold in the first four months of the year, down from 16% in 2015, according to an analysis by Hamptons. The shift is largely due to rising taxes and mortgage rates, prompting investors to seek cheaper properties in the north, where 39% of purchases occurred this year.

Government warned of budget shortfall

The Government could face a £63 billion shortfall due to a weaker economic outlook, according to the National Institute of Economic and Social Research (NIESR). The independent think-tank blamed Government policies – particularly the rise in employer National Insurance – for harming growth and leaving the economy vulnerable. NIESR warned the Chancellor may miss her fiscal targets, predicting lower-than-expected tax revenues and reduced GDP growth for 2025. It also forecast higher inflation that may discourage hiring and see lower-than-expected tax returns.

Construction firms face insolvency crisis

Construction insolvencies have reached an unprecedented level, with 840 firms entering liquidation or administration in the first four months of the year, marking a rise of over 5% from last year. The sector accounted for 19.5% of all UK company failures in February, the highest share in three years. Rising costs, a shortage of skilled workers, and high energy prices are significant contributors to this crisis.

Bank bosses flag trade uncertainty

NatWest chief executive Paul Thwaite has warned of a “pause in activity” among some of Britain’s biggest firms, saying corporate confidence has been hit by the possible impact of US tariffs. HSBC chairman Sir Mark Tucker has already warned that a trade war triggered by US policy has created “serious potential risks to global growth,” while Bill Winters, boss of Standard Chartered, has highlighted a “more fragmented” global outlook.

Banks see spike in complaints

Banking complaints surged by 76% in the latter half of 2024, driven by the ongoing motor finance scandal, according to the Financial Ombudsman Service (FOS). Of the 141,846 total complaints received, 77% were related to banking and credit, marking a significant increase from 62,139 complaints in the same period of 2023. The FOS identified banking fraud, credit affordability, and motor finance commission as key factors behind this rise. The analysis shows that there was a 49% overall increase in complaints across all sectors compared to the previous year.

Energy costs threaten UK growth

According to a survey by EY, three in five British companies report that “rising and unstable” energy costs are hindering their growth plans. The International Energy Agency highlights that Britain’s industrial energy costs are the highest in the G7, 46% above the average of IEA member states. Colm Devine, EY’s power and utilities sector lead, said: “Energy is clearly no longer just a commodity, it’s a competitive and strategic asset which is likely to continue to be subject to significant change and investment over the coming years.”

Changing the game

The future of fast, efficient bridge lending

Dr.

Masoud Ahmadi

Co-founder & Director Elite Lending

IRather than relying on third-party software or outdated processes, we built our own proprietary system

n the fast-paced world of bridge lending, efficiency is everything. Borrowers require quick decisions and even faster funding to capitalise on opportunities. Since our company’s founding in 2019, we have committed ourselves to being more than just a lender – we are a solutions-driven partner dedicated to streamlining the lending process.

The key to our success? Developing our own in-house software that has revolutionised our loan processing, minimised errors, and strengthened our broker network.

A commitment to efficiency from day one

When we launched as a principal lender, we knew that speed and precision would be our biggest competitive advantages. As brokers know, bridge lending is often used for time-sensitive transactions, where delays can mean lost opportunities. Early on, we saw that traditional loan processing methods were riddled with inefficiencies – manual paperwork, slow

decision-making, and redundant steps. These bottlenecks often cost borrowers valuable time and made it harder for brokers to serve their clients effectively.

Determined to change the status quo, we made a strategic decision: rather than relying on third-party software or outdated processes, we built our own proprietary system. This was not just an investment in technology – it was an investment in the future of our company and the success of our clients.

The power of in-house technology

Developing our own loan processing software gave us complete control over every aspect of the lending process. By tailoring the system to meet our specific needs, we eliminated unnecessary delays, automated repetitive tasks, and significantly reduced human errors.

One of the most important advantages of our system is its ability to provide real-time decision-making support. Brokers and borrowers alike benefit from instant updates on loan status, digital document submission, and automated risk assessment tools. The result? We can process loans faster and more accurately than ever before.

Additionally, our software has enabled seamless communication across all stakeholders. Instead of endless email chains and back-and-forth phone calls, everything is managed within a single platform. This has drastically improved efficiency, allowing us to fund loans in record time without sacrificing due diligence.

Strengthening broker relationships

One unexpected but highly beneficial outcome of our technological advancement has been the strengthening of our broker network. The lending industry thrives on relationships, and by providing brokers with a more efficient system, we have positioned ourselves as a preferred partner for many professionals in the field.

Our in-house software gives brokers direct access to loan updates, required documentation, and real-time support. By reducing their administrative burden, they can focus on what

they do best – connecting borrowers with the right financing solutions. As a result, our broker network has expanded significantly, opening new doors for growth and collaboration.

The competitive edge: speed and accuracy

Many lenders claim to offer fast service, but without the right infrastructure in place, speed can come at the expense of accuracy. Our proprietary system ensures that we never have to choose between the two. By integrating automated compliance checks, real-time financial analysis, and AI-driven risk assessment, we have built a lending process that is both swift and precise.

This combination of speed and accuracy has made a measurable impact. Borrowers appreciate the quick turnaround times, and brokers trust us to deliver consistent, reliable results. In an industry where reputation matters, our efficiency has set us apart as a leading bridge lender.

Looking ahead: continued innovation

While our in-house software has already transformed our operations, we are not stopping there. The financial landscape is constantly evolving, and we are committed to staying ahead of the curve. We continue to refine our technology, incorporating new data analytics tools, AI-driven insights, and automation features to further enhance our lending process.

As we look to the future, one thing remains clear: technology and efficiency will continue to drive success in bridge lending. By prioritising innovation and maintaining our commitment to seamless, fast, and accurate lending solutions, we are poised for even greater growth in the years ahead.

In an industry where time is money, our ability to deliver fast, reliable funding has set us apart as a trusted leader in bridge lending. As we continue to innovate and expand, we remain dedicated to providing the best possible experience for brokers and borrowers alike.

The future of bridge lending is here – and it’s faster, smarter, and more efficient than ever before.

Trading places?

Understanding the right use of trading styles

Sarah Cunningham Head of Compliance NACFB

This year, the NACFB’s Assurance Consultation reviews have highlighted a growing area of confusion among brokers: the incorrect use of trading styles to represent third-party firms within independent broker firms. Whilst often unintentional, this misunderstanding carries significant regulatory risks for both brokers and lenders. Allow me to explain why.

What a trading style is (and isn’t)

A trading style, sometimes called a trading name, is simply another name under which a business operates. For instance, a company registered as John Jones Limited might trade under the name John Jones Finance. This is a matter of branding and presentation. Importantly, registering a trading style does not alter a company’s legal or regulatory status in any way.

However, recent reviews have uncovered cases where brokers have added entirely separate third-party firms as trading styles of their principal business. This is not what trading styles are intended for. Crucially, registering a trading name does not allow another firm to carry out regulated activities. The Financial Conduct Authority (FCA) has made clear that adding a third party as a trading name does not change that person or firm’s regulated status. If that third party then undertakes regulated activities without the appropriate authorisation, this amounts to unlawful unauthorised business.

Despite this, some compliance consultancies have mistakenly advised brokers that adding firms as trading styles is an acceptable workaround. It is not. Such practices expose brokers to significant regulatory breaches, enforcement action, and reputational harm. For lenders, there is also a risk of unknowingly dealing with entities that are not appropriately authorised, which further compounds the issue.

Appointed representatives: The correct approach

The correct route for allowing another firm to undertake regulated activity under a broker’s oversight is by appointing them as an Appointed Representative (AR). An AR is a firm or individual that carries out regulated activities on behalf of an FCA-authorised principal firm. This arrangement is formal, transparent, and subject to FCA rules, ensuring appropriate oversight and accountability. For firms engaged solely in introducing clients, an Introducer Appointed Representative (IAR) status may be sufficient, again providing a compliant and supervised framework.

Whilst there is a cost associated with registering an AR this is but a small price to pay for ensuring compliance. The NACFB’s experience suggests that misuse of trading styles is rarely a deliberate cost-cutting measure. More often, it stems from a lack of clarity and understanding about what trading styles can and cannot be used for.

Seeking assurance

As part of its Assurance Consultation process, the NACFB examines the structure of broker networks and assesses how regulatory permissions are applied in practice. These consultations provide an opportunity to ensure Members are operating in a compliant manner, whilst also offering guidance and support to navigate areas of complexity.

By addressing issues such as the misuse of trading styles, the Assurance team helps brokers safeguard their business, maintain regulatory standards, and protect client relationships. This proactive approach ensures brokers can confidently demonstrate their compliance and professionalism.

All brokers are encouraged to take the time to review the current structure of their network. Specifically, firms should verify whether any third-party businesses are incorrectly listed as trading styles and, if so, take immediate steps to rectify this. Those firms should either be formally appointed as ARs or IARs or clearly identified as independent introducers operating outside of the broker’s regulated activities.

Accurate representation of network relationships is vital –not only on the FCA Register, but also in marketing materials, websites, and client-facing documents. Misleading consumers, even unintentionally, risks significant regulatory consequences

styles are applied appropriately and that third-party firms are correctly authorised, brokers protect their business, their clients, and the wider lending community.

Seamless by design

Automated documentation solutions are fast becoming the norm in the commercial finance sector. For brokers, they support best practice, deliver peace of mind and help to establish trust with clients and lenders. We sat down with Josh Harris, CEO at NACFB Partner Doc2 to discover how automation can help enhance not hinder what is still a relationship-led industry.

Documentation is often treated as admin, not impact – but how much does it shape the tone and trust of a transaction?

First impressions matter, and in finance, documentation is a big part of that. You can have the best client conversations and build strong relationships, but if your documents take too long to send or appear unprofessional, that trust can be undermined. Streamlined, well-presented documentation reinforces credibility, ensuring that the positive rapport built in conversations isn’t lost when it comes to the paperwork.

Can the way deals are documented depersonalise the lending process? How do you strike the right balance between efficiency and relationship-led lending in an increasingly automated environment?

Broking is fundamentally about relationships. While documentation is a regulatory requirement, it doesn’t have to be impersonal. Simple steps can make

a big difference – documents should be branded to reflect the broker’s business, and automation should be used to assist rather than overwhelm. For example, instead of bombarding clients with endless signing reminders, a quick phone call can be much more effective. Another key aspect is integrating documents into everyday conversations – rather than just sending large, generic document packs, brokers should take the time to explain the process and keep clients informed. These small personal touches help ensure that efficiency doesn’t come at the expense of strong client relationships.

Version control sounds like a boring technicality – until it isn’t. Why is it still such a persistent issue in 2025, and what are the hidden costs when it fails?

Many businesses assume they have version control under control because they save a Word template on a shared drive. But in reality, that template can be overwritten, or employees may store local copies for convenience, leading to multiple versions floating around. Without a clear system in place, entire teams can unknowingly use outdated or incorrect documents.

With increasing compliance pressures on finance firms, business owners need to be certain that the documents being used are compliant. If they can’t verify which version is in circulation, they risk regulatory breaches, legal complications, and financial exposure. At best, poor version

Josh Harris Founder & CEO Doc2

control causes inefficiencies; at worst, it creates serious compliance risks.

Where do brokers and lenders most commonly trip up when it comes to documentation and process?

One of the biggest pitfalls is the mindset of “we’ve always done it this way.” Just because a process has worked in the past doesn’t mean it’s the best approach today. Continuous improvement is necessary across all areas of a business, and documentation processes are no exception. Failing to adapt leads to inefficiencies, compliance risks, and unnecessary delays.

How can platforms like Doc2 help enhance, rather than erode, the trust and personalisation at the heart of relationship-driven finance?

Clients value personal relationships with brokers, but they also expect efficiency. Trust is hard to build and easy to lose –if documentation is slow, it can damage relationships and delay funding. A smooth, efficient process means clients receive key deal documentation quickly, which strengthens trust rather than weakening it.

At Doc2, we help brokers achieve this balance by making documentation faster, more compliant, and fully digital, without losing the human touch. Strong client relationships can be reinforced, rather than undermined, by a seamless and professional document process.

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Our first port of call

Why relationships matter and why AFG chooses Metro Bank

Rory Dunn Founder and Director Approved Finance Group

Since launching in 2019, Approved Finance Group (AFG) has quickly become one of the UK’s fastest growing and most trusted finance brokerages. Founder and director Rory Dunn joins Metro Bank’s commercial manager Kelly Purvor and business development director Aidan Moore to discuss how relationships and results are at the heart of AFG’s continued success.

The Milton Keynes-based group has over 40 years’ experience in the business finance arena, and a healthy roster of clients on its books. In 2024, the company facilitated more than £150 million of financing.

Rory Dunn (RD): “I oversee a team of brokers and work closely with various lenders to provide tailored funding solutions for our clients. My role, alongside the day-to-day running of the group, involves supporting the team in structuring complex finance deals, building lender relationships, and ensuring the delivery of a high-quality service throughout the funding process.

“We started work with Metro Bank in 2023, when we were seeking lending partners that aligned with our service standards and client expectations. We had seen a substantial growth in areas such as construction, property development and manufacturing, so wanted to broaden our offering options to clients.

“Most of our business comes via referrals through our partnerships with solicitors, accountants and surveyors across

the country. And that’s where we value relationships that have been built over time with professionalism and trust. And the same goes for our panel of lenders, which is why we choose Metro Bank.”

Kelly Purvor (KP): “We’ve been working with Rory and his team for a couple of years now and AFG shares the same values inherent at Metro Bank – developing and nurturing relationships through a real human approach which is key to achieve success.”

RD: “Managing complex funding deals requires a structured approach. We start by understanding the client’s specific needs and objectives and then map out potential funding options. Collaborating closely with lenders like Metro Bank and other stakeholders ensures that we navigate any challenges, whether

We adopt a more human approach, and both our brokers and our customers really appreciate that

Kelly Purvor

Commercial Manager Metro Bank

Aidan Moore

Business Development Director Metro Bank

Long-term relationships are at the heart of what we do

financial, or operational. Regular communication and a clear project timeline help keep everything on track.”

Building long-term relationships

The conversation turns to the importance of relationships in business and the emphasis on human connection as a key value at Metro Bank.

RD: “No two clients are the same, so understanding their requirements, risk appetite, and future plans is essential. The challenge is to ensure we align the right lender, terms, and structure to suit their circumstances. Long-term relationships are at the heart of what we do. Clients return to us because we understand their business and can support them as they grow. Building trust and delivering consistent results over time is a core part of our strategy.”

Aidan Moore (AM): “We take a joined-up approach, whereby we involve colleagues from other areas within the bank, including credit underwriters, to devise solutions on how we can make efficiencies. AFG were looking at faster turnarounds in deals with a banking partner that provides engagement throughout the process, and that’s our strength at Metro Bank.”

A human approach to banking

RD: “Speed and efficiency are always high on the priority list, particularly when clients are working to tight deadlines or looking to seize a business opportunity.”

KP: “We’re not a passive bank. We like to get on board with the client as part of a team because we care about the service. Clients don’t want to be passed from pillar to post. They need lasting and engaging relationships with people who care about the success of their business. We adopt a more human approach, and both our brokers and our customers really appreciate that.”

RD: “Three things are important to our business: rates, service levels and people. Our broker-first model ensures people are our priority, matching clients’ needs to the right lender. There’s a strong trust element, which results in simpler, straightforward experiences. Metro Bank is like-minded and understands what our clients want. Our clients appreciate that, and the speed of response by Metro Bank aligns with how we want to get things done. Often, banks just take a back seat and are transactional rather than relationship based. We value relationships. We always come to Metro Bank as our first port of call.”

Future collaborations

AM: “A property deal can sometimes be a lengthy process. Our task within the Broker Relationship team is to align all the parties so we can streamline processes, simplify the deal and reduce time, organising a deal team and third parties to run checks quickly and smoothly. It’s about managing efficiency and engaging proactively, and it’s gratifying to see Metro Bank playing a crucial part in backing British business.”

Beyond awareness

Telling policymakers the story they need to hear

Kieran Jones Head of Advocacy NACFB

Idon’t want to write this article. Not because there’s nothing to say. Quite the opposite. But because what needs saying has been said, repeatedly, in roundtables, white papers, think pieces, and more reports than anyone cares to read. SME access to finance. The barriers. The challenges. The opportunities. You know the list.

But it’s necessary. Necessary to tell you, as brokers, what the NACFB is telling policymakers. Necessary to share, plainly, the story we tell on your behalf – who’s listening, what’s changing, and why this moment matters more than most. So, here’s the story.

From awareness to action

For years, the NACFB’s advocacy efforts have focused on awareness. Making sure the broker’s role is recognised. Explaining – sometimes shouting – that you exist. That you open doors to lenders others can’t. That you help SMEs navigate a fragmented, confusing landscape with trusted, personal support.

That job is not done, but it is moving. In the last few years, we’ve built stronger relationships with HM Treasury, the British Business Bank, regulators, and peer trade bodies. The ecosystem is slowly coming to understand the broker market’s central role in SME lending.

But awareness alone isn’t enough. The message must now evolve. It’s no longer about shouting from the sidelines. It’s about embedding brokers into the core of the UK’s business finance infrastructure. Not as an afterthought. Not as a safety net for rejected applicants. But as the primary, relationship-led route for SMEs to access the right finance, at the right time, from the right provider.

The evidence base: facts, not claims

Last month, we submitted detailed evidence to HM Treasury’s Call for

Evidence on SME Access to Finance. This wasn’t a submission of opinions or vague commentary – it was built on data, market insights, and your real-world experiences as brokers.

In 2024 alone, NACFB brokers facilitated over £26.5 billion in SME lending, representing approximately 70% of the UK’s broker-led lending market. Among lenders offering multiple access channels – including direct SME lending – an average of 67% of their total loan books is now originated via brokers.

Perhaps even more telling is the human impact behind the numbers. One in five SMEs who secured funding through an NACFB broker last year had already been turned down elsewhere. For these businesses, the broker network wasn’t just a helpful option – it was the difference between growth and stagnation. Furthermore, brokers have now become the primary route for specialist and challenger banks, powering 60% of SME lending through these alternative providers – the highest share on record.

These figures don’t just tell a story of volume. They reveal a deeper narrative of structural change, of brokers stepping in to fill the gap left by the steady decline of branch-based banking, and of a community that delivers expertise, choice, and trusted support. More importantly, they provide policymakers with a robust, evidence-backed case: brokers are not simply an access route for SMEs – they are the backbone of SME finance.

The three pillars: access, support, and trust

At the heart of the NACFB’s advocacy efforts lies a clear, consistent message, distilled into three fundamental pillars: access, support, and trust.

Access speaks to the sheer breadth of choice that brokers bring to SMEs. Unlike direct lenders restricted to their own products, brokers provide business owners with a window into a far broader, more competitive lending ecosystem. This diversity isn’t a luxury; it’s a critical

enabler of better outcomes, ensuring that businesses can find the right solution for their specific needs.

Support captures the relationship-led approach that we all know defines good broking. Brokers do more than facilitate transactions – they guide SMEs through a complex and often intimidating landscape, helping clients prepare, apply, and grow with the right finance, at the right time. This advisory role is vital, particularly for firms that lack in-house financial expertise.

Trust is perhaps the most valuable pillar. In a fragmented market where information is abundant, but clarity is scarce, brokers offer SMEs the confidence and reassurance they need to navigate their options. For many first-time or cautious borrowers, that trusted, human connection makes all the difference.

These pillars are not abstract concepts. They reflect the lived reality of your work – work that policymakers are increasingly recognising as a vital counterbalance to the shortcomings of top-down, one-size-fits-all solutions.

Moving past the access to finance talking shop

Here’s an uncomfortable truth: SME access to finance has been talked to death. Every forum, every panel, every consultation identifies the same issues: education gaps, confidence barriers, economic headwinds. All nobly intended. All circling the same conclusions. But what’s often missing is the solution.

That’s where brokers come in.

Now is the moment for the intermediary market to step forward – boldly and confidently

Now is the moment for the intermediary market to step forward – boldly and confidently – not just as a distribution channel, but as a partner in addressing these entrenched barriers. We’ve made it clear to HM Treasury: the broker community is not asking for handouts or special treatment. We’re asking for alignment. For policymakers to recognise and harness the expertise that already exists in the market.

That means embedding brokers into government-backed support frameworks, into Growth Hub strategies, into any future referral schemes. Not as a secondary layer, but as a primary conduit for SME finance engagement.

Breaking the negative structural equilibrium

One of the most compelling concepts we’ve shared with policymakers comes from NACFB Patron Allica Bank: the idea of a ‘negative structural equilibrium’ in SME finance.

In plain terms, it describes a market where viable businesses choose not to borrow. Not because finance isn’t available. But because of entrenched perceptions, cultural aversion, and a lack of confidence. The BVA BDRC’s SME Finance Monitor reflects this vividly. 77% of SMEs would prefer to grow slowly than borrow to grow, whilst 36% believe it would be difficult to obtain finance for a business like theirs.

Brokers, we think – indeed know – are the key to breaking this equilibrium. Your role isn’t just to find funding. It’s to challenge misconceptions, guide through complexity, and reframe finance as a tool for growth – not a last resort.

Indeed, one in four SMEs funded via an NACFB broker in 2024 ended up with a different financial product than they

initially requested. That’s not upselling. That’s advisory expertise in action.

Personal guarantees, regulation, and realism

No advocacy article written in 2025 would be complete without mentioning personal guarantees (PGs) and regulatory burden. Both are persistent thorns.

On PGs, our message is clear: they are neither inherently exploitative nor universally appropriate. Education, transparency, and access to risk mitigation tools like PG Insurance are key. The evidence shows PGs remain a vital enabler for unsecured lending, but misunderstandings often deter borrowing.

On regulation, we’ve highlighted the disconnect between perimeter theory and practical reality. Most NACFB Members maintain FCA authorisation not because of the proportion of regulated business they conduct (in 2024 this was only around 15%), but to satisfy lender panel requirements. This halo effect creates disproportionate compliance costs for little direct regulatory benefit.

We’ve welcomed the proposed reform of the Consumer Credit Act, but we’re pushing hard for clarity, proportionality, and a nuanced understanding of the intermediary market.

The challenge now is not to let momentum fade. The story we tell must continue to evolve

Where next? From voice to influence

So, where does this leave us? The NACFB’s advocacy isn’t about lobbying for lobbying’s sake – we’re not peddling products like tobacco firms. Our focus is on creating the conditions where your work as brokers delivers even greater impact: where SMEs engage with finance confidently, and where the lending ecosystem fully recognises the value of trusted, relationship-led intermediaries.

We’ve made progress. Government understands brokers better than ever before. The British Business Bank is working with us on signposting and readiness tools, and there is a real sense that peer trade bodies are looking to collaborate, not compete.

But advocacy is a long game. The challenge now is not to let momentum fade. The story we tell must continue to evolve – from existence, to influence, to impact.

In closing…

I really didn’t want to write this article. But I’m glad I did. Because if there’s one thing I want you to take away, it’s this: the broker market is no longer in the shadows.

The work you do is being heard, understood, and – crucially – taken seriously. The NACFB will keep telling that story. But we need you to live it, loudly and proudly.

Because the next chapter is not about what we say to policymakers.

It’s about what government starts saying about brokers.

And that, perhaps, is the story I’ll be very happy to write next time.

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Intangible but valuable

How intellectual property backed lending can help scale-ups deal with growing pains

Neil Bellamy Head of Technology, Media and Telecoms NatWest Group

Martin Brassell CEO Inngot

Britain’s IP registry estimates that today’s businesses typically derive as much as 70 to 80% of their value from intangible assets

As any business owner whose company is rapidly growing will attest, scaling up often comes with more than its fair share of ‘growing pains’.

A major issue is access to capital – too many younger scale-ups are running up against a brick wall when they seek the finance, skills and support they need to expand. According to the Future of Growth Capital 2020 report by Scale Up Institute, Innovate Finance and Deloitte, this funding gap is estimated to be as much as £15 billion per annum.

Yet few entrepreneurs tap into what is often their businesses’ most valuable asset – their intellectual property and intangible assets – to fuel their growth. This overlooked form of finance could hold the key to helping more businesses achieve their growth ambitions.

Changing times call for changing measures

Since the industrial revolution, the physical assets companies own – like buildings, machinery, and vehicles – were considered their main value drivers.

But changing times call for changing measures. The Intellectual Property Office, Britain’s IP registry, estimates that today’s businesses typically derive as much as 70 to 80% of their value from intangible assets – those assets you cannot touch or see but that have value – such as patents, trademarks, copyright, designs and trade secrets.

In this new landscape, it’s vital that businesses are supported to understand and use their IP effectively, so they can capitalise on new opportunities to grow.

Valuing the intangible

As Norman Chambers, then managing director of the NACFB, wrote in this journal two years ago, the trade body has long been pushing for a more dynamic approach to loan collateral.

At the time Norman noted that among the key challenges to overcome were the issue of valuation of IP assets and the practical realisation of that value. He pointed out that lenders are naturally reluctant to lend where value is uncertain and there is little in the way of clear and transparent liquidity.

Fast forward two years and the world is catching up. Last year NatWest, the UK’s largest business bank, announced that it had launched its High Growth IP-backed Loan – making the bank the first UK lender to offer loans secured purely using businesses’ IP as collateral, starting from £250,000. The loan proposition was developed with technical assistance from IP valuation experts, Inngot.

As part of the loan application, NatWest requires potential borrowers to validate their IP and intangibles using Inngot’s online identification, valuation and collateral suitability tools. This results in a recommended loan-to-value figure on which the bank can base its final lending decision.

Unlocking potential

A year on, NatWest has extended over £11 million of loans to high growth, innovative firms which lack traditional fixed assets to use as collateral – funds which they say are helping them invest in new products, employ more staff, and venture into new markets. The quality of these businesses’ ideas and innovation emerges through the valuation process.

Take SixFive Networks, who borrowed £1 million last year. The company’s CFO noted that it would have continued to grow without NatWest’s loan, but if it had to rely on its own resources, it would have meant scaling less quickly. Now, a year later, the value of the company’s IP has grown as a result of its savvy investment – meaning it can borrow more, and scale faster.

The scheme is also a gamechanger for business owners that might have felt the need to release equity to keep growing. Mark Camp, CEO of marketing scale-up Propello Cloud, called it “the best solution for companies that won’t traditionally get standard debt” – catering to the needs of business owners who don’t want to start another funding round, or sacrifice equity.

Cost is a consideration too. The average loan secured using IP and intangible assets as collateral is generally offered at a lower interest rate than is offered for the average unsecured SME loan – typically between 40 to 150 basis points lower –making it even more attractive as a source of cheaper debt for businesses with strong IP.

Get involved

Businesses knowing their potential worth based on the value of their intangible assets could be key to sourcing finance, unlocking growth, and supporting innovation. From software to advanced manufacturing, medtech to gaming, the sky’s the limit as to the number of industries which could benefit from a better understanding of their IP. Brokers have a key role to play in advising their clients as to how they can best tap into this developing market, supporting firms to scale and contributing to the UK’s economic growth and future prosperity.

Unmatched flexibility

Keeping invoice finance in the broker’s toolkit

Paul Stokes Director FlexABL

As the range of funding options open to SMEs continues to evolve, more business owners are turning to online business loan providers for quick cash flow solutions. The appeal is clear – such loans offer immediate accessibility and convenience. However, while speed and simplicity are attractive, they are not always the best fit for every financial scenario, particularly for businesses with strong B2B sales, yet slow paying customers.

This is where I want to fly the flag for good old invoice finance. Despite the surge of digital borrowing options, invoice finance remains essential within the SME funding toolkit, especially for companies that experience healthy turnover but face consistent pressure from delayed invoice payments.

Unlike traditional business loans, which provide a lump sum repayable over fixed terms irrespective of actual revenue flow, invoice finance is intrinsically linked to real-time sales performance. It allows SMEs to access funds directly tied to their outstanding invoices. This means that liquidity is continuously replenished, aligning precisely with cash flow needs and enabling better financial forecasting and growth planning.

One of the greatest strengths of invoice finance is its unmatched flexibility. As an SME’s turnover grows or fluctuates seasonally, the available funding automatically scales accordingly. This responsive nature makes it ideal for businesses undergoing expansion, experiencing seasonal peaks, or operating in sectors where demand frequently varies.

Additionally, invoice finance providers often offer far more than just funding. They deliver valuable day-to-day support and expert guidance reminiscent of the traditional bank-manager relationship – something many SMEs deeply value but rarely experience in today’s digital-first environment. Invoice finance lenders also commonly

assist with credit control, invoice administration, and customer risk management, allowing business owners to dedicate more time and resources to growing their businesses, rather than debt collection and management.

This article is not meant to undermine loan providers and the service they provide – far from it. Their role remains important within the diverse SME financing ecosystem. Instead, the objective here is to emphasise the importance of matching the right funding solution to the specific business needs of each SME.

In the Midlands, for example, we’ve created Midlands SME Finance, a collaboration of six regional ‘non-bank’ lenders working collectively to deliver the message to business owners about taking the right advice, before borrowing. Our goal is to ensure SMEs have access to a balanced and responsive range of financial products, whether it’s a traditional loan or invoice finance, depending on their precise circumstances. In addition to FlexABL, many brokers will be familiar with four of the lenders, as they are also NACFB Patrons: ART Business Loans, BCRS Business Loans, Coventry & Warwickshire Reinvestment Trust (all CDFIs), and Frontier Development Capital.

In summary, invoice finance deserves recognition as a vital component in a well-rounded SME funding strategy. By providing flexible, responsive, and scalable financing, it remains a compelling option, perfectly suited to complement, not compete with, other forms of SME finance.

Liquidity is continuously replenished, aligning precisely with cash flow needs and enabling better financial forecasting and growth planning

Adrian Stalley Head of Partnerships Reward Funding

The magic triangle

Three-way partnerships hold the key to lending at pace

Speed of decision-making, speed of action, and the speed to access cash all define the pace businesses need when seeking funding. Brokers increasingly stepping in where traditional banking relationships once thrived, play a crucial role in this equation.

From my conversations with SMEs, it’s clear that pace remains a top priority when securing finance. This expectation extends from businesses to brokers and, in turn, to lenders, forming a triangular relationship where all three must align for success. Businesses seeking funding rely on brokers to facilitate the process and on lenders to execute it efficiently. In this dynamic, speed often determines success. Strong partnerships between all parties are vital to meeting expectations.

At first glance, online comparison sites may seem like the perfect solution for speed because they tick the box. However, brokers are proving indispensable by bridging automation with human expertise. Businesses turn to brokers not just for efficiency but also for guidance, industry knowledge and a personal touch. Brokers understand the market, identify the right solutions, and connect businesses with the most suitable lenders.

Reflecting on the past five years, the shift in broker importance is evident. When the world almost shut down during the pandemic, businesses sought trusted advisors – human voices that offer certainty amid uncertainty. Brokers who invest in long-term relationships with clients and build strong partnerships with lenders are now central players in business finance, providing both insight and access to capital.

Whether it be for businesses unlocking growth opportunities, or those that are delicately steering past each challenge, brokers continue to offer certainty, options, understanding, and that all important trust their clients need.

The concept of ‘partnerships’ has evolved from being another buzzword creeping into many industries, to becoming a key part of many lenders’ strategies as they look to get their availability of cash to businesses. Why? Because when supported by a clear vision, clear positioning and a clear product offering, the three-way benefit is properly felt. Lenders find effective ways to deploy capital, brokers strengthen their role as trusted advisors, and businesses secure the funding they need.

The NACFB’s recent survey highlights a compelling trend –repeat business and returning clients account for nearly half of brokers’ lead sources. Brokers who invest in relationships with multiple lenders are well positioned to support SMEs effectively. By working closely with lenders, they help deliver the necessary pace to meet funding demands.

This three-way relationship reminds me of the magic triangle; a mathematical puzzle which involves placing a set of numbers on the vertices and sides of a triangle, such that the sum of the numbers along each side is equal. With brokers re-establishing themselves as trusted long-term advisors, lenders looking to get their cash working, and SMEs realising their funding ambitions at pace, the triangle is not only magic, but also one that provides absolute clarity.

Reflecting on the past five years, the shift in broker importance is evident

metrobankonline.co.uk/commercial-referrals commercialreferral@metrobank.plc.uk

The funding roadblock

Why RPO agreements can be a barrier to invoice finance

Darren Levers Director Liquid Link

For businesses who want to raise cash against their invoices, and the brokers who facilitate them, accessing funding should be fairly straightforward. However, when a client operates under a Recruitment Process Outsourcing (RPO) agreement, things become more complicated.

What is an RPO?

A Recruitment Process Outsourcing (RPO) arrangement involves outsourcing hiring functions to a third-party provider. While commonly used in recruitment, RPOs are also prevalent in local government, healthcare, and large-scale service contracts. RPOs centralise hiring, streamline processes, and improve efficiency. However, the contractual terms of these agreements can create barriers to invoice finance, often making it difficult for lenders to enforce their security. As a result, many lenders avoid financing invoices linked to RPO agreements, limiting options for businesses and brokers.

The challenge

Consider a recruitment agency supplying staff to a council. Normally, the agency would invoice the council directly, allowing an invoice finance provider to advance funds with confidence. However, when an RPO is introduced, the RPO invoice the council on behalf of the agency. This contract often includes a “pay-when-paid” clause, meaning the RPO will only pay the agency once they receive payment from the council. If the council delays or refuses payment, the RPO is not obligated to pay the recruiter. The recruiter cannot chase the council, as they are not the direct debtor, and contractual restrictions may prevent action against the RPO.

For invoice finance providers, this uncertainty poses a significant risk. Since funding relies on the certainty of invoice payment, the presence of multiple parties and contractual restrictions makes RPO-linked invoices difficult to finance.

Other considerations

Beyond payment uncertainty, RPO agreements introduce other complexities:

• Contractual limitations – Many RPO contracts restrict invoice assignment, preventing lenders from securing interests in receivables.

• Complex payment structures – Multiple stakeholders increase the likelihood of delays, disputes, and miscommunication.

• Credit and dilution risk – Assessing an RPO’s financial stability can be challenging, particularly if they are a new entity or lack a strong trading history. Payment delays or disputes further increase dilution risk.

These factors make lenders hesitant to finance RPO-related invoices, leaving brokers struggling to place deals. Understanding these risks is essential when structuring finance agreements involving RPOs.

The way forward

Lenders must take a commercial approach when assessing funding for RPO invoices. While these agreements introduce added complexities, strategies exist to mitigate risks:

• Contract review – Brokers should seek lenders with expertise in reviewing RPO contracts, ensuring problematic clauses are identified and negotiated where possible.

• Open communication – Transparency between the lender, broker, and RPO provider helps clarify payment terms and risk exposure.

• Debtor assessment – Evaluating the RPO’s financial stability is crucial, as they are the direct debtor in these arrangements.

Advice for brokers

In such a situation, brokers should seek out lenders experienced in RPO funding. These contracts require expert review, and not all lenders are equipped to handle their complexities. By partnering with the right finance providers, brokers can help their clients secure the funding they need with minimal risk.

John Phillipou Managing Director of SME Lending Paragon Bank

Going green?

How is the green revolution impacting the asset finance industry

Is the asset finance industry going green? It’s the question on the minds of many people in the industry. While the answer currently is no, we can’t deny that the sector is evolving, and green is the future.

In recent years, we’ve seen a huge increase in demand for green assets. From electric vehicles to solar panels to recycling equipment – we are seeing more SME businesses than ever looking to purchase green equipment and machinery. Not only are they seeking to ‘green’ their own operations, but customers up the supply chain are also demanding it as they seek to meet their own obligations.

As a lender, to determine if an asset is green, we must look at what benefits it brings to the business from an energy-saving perspective, as well as to the environment as a result of the reduction of carbon emissions. In the future, we know that green assets have a huge part to play in the transition to net zero and eventually the majority of assets will have to be sustainable for us to reach the global 2050 emissions goals.

However, the overall industry adoption of green assets remains slow and is further impacted by the changing geopolitical culture emanating from the USA. There are many reasons for this slow take up.

Firstly, the assets tend to be more expensive than their fossil fuel counterparts and, for smaller businesses where budgets are tighter, it’s unlikely they will purchase a more expensive piece of machinery, despite its environmental benefits.

Furthermore, the green machinery does not always have the same power or run time as its petrol or diesel equivalent – meaning that businesses may be purchasing a piece of equipment that doesn’t seem to be as economical or profitable for them.

The recent shifts towards new clean fuel technologies being used in existing combustion engines could be a massive step forward – if those fuels can be sourced and delivered efficiently and safely. This means that while we are seeing huge improvements in the affordability and calibre of electric or hydrogen machinery, it will take time for it to be in line with fuel-powered machinery.

Pricing parity would mean customer contracts and costs are unaffected by whether an asset is green or not and this would be the true testament that the market has fully embraced sustainable technology.

The future of the asset finance industry is tied to green financing and eventually, the vast majority of assets will be sustainable as we edge closer to 2030. Lenders and brokers play an important part in the industry’s adoption of green assets, especially as they are often one of the first touch points for a customer looking to purchase an asset. Their role is to ensure that the availability of funding is apparent.

It’s crucial that lenders and brokers work together to showcase the funding options available and, as time goes on, look to facilitate more lending in this sector.

Pricing parity would mean customer contracts and costs are unaffected by whether an asset is green or not

Tuned in, switched on

From hip hop to high street lending, Allica’s Stephen Spinks builds trust by listening – and staying genuinely curious

Overlooking Liverpool Street Station, a glass-fronted meeting room in Allica’s office is the setting for our mid-week lunch. Trains rumble below, but inside it’s all calm, clean lines, and quiet focus. The office kitchen features a full-wall photo of Allica’s growing team – a bold statement of scale, ambition and the real people driving it. Dozens of trophies line the

shelves, hard to miss and even harder to ignore: a physical tally of Allica Bank’s rapid rise.

We’re here to sit down with Stephen Spinks, the NACFB Patron’s Head of Sales. Stephen is warm, thoughtful, and – as it quickly becomes clear – far more comfortable asking questions than answering them. He’s sharply dressed,

calm, and instinctively curious. Not in a performative way, but sincerely, attentively – as if people, like the music he so clearly loves, are best understood when you really listen. “There’s always something new to discover,” he says. It’s clearly a guiding principle, not just a throwaway line. And whether he’s talking about brokers, borrowers, or a Korean heavy metal band playing at a pub in Camden, he means it.

You joined Allica back in 2020 – right at the heart of the pandemic. What was that like?

Surreal, really. I came from NatWest, where I’d been on and off for around 15 years. It was a world of structure, process, and predictability. I was well-regarded, comfortable. Then Allica came along – a new bank, big ambition, moving fast. I took voluntary redundancy, signed the paperwork, and then a laptop turned up at home during lockdown. I remember calling Nick Baker, who was leading Allica’s broker channel, and saying, “Is this still happening?” And he said, “Absolutely.”

Most banks were pulling back at that point. The economic backdrop was shaky, and the instinct for a lot of lenders was to protect their books, retreat into themselves. We did the opposite. We stepped forward when others stepped back, and I think brokers really remember that. In many cases, we were the only port in the storm. That matters. It still gets mentioned now, and it shaped our identity early on – not just what we offer, but how we show up.

Allica’s growth since then has been remarkable. What’s driven that momentum?

A few things. First and foremost, we’ve never lost sight of who our customers are – and that includes brokers. Our distribution model is broker-first, and we’ve kept that promise. We engage with them formally, through biannual surveys, and informally, day in and day out. But crucially, we close the loop. We report back on the feedback and show how it’s informed our decisions. That builds trust.

We’ve also struck a good balance between technology and human service. That’s not an easy line to walk. We invest in our digital platforms, but we also make sure there are experienced people available across the country who can talk to brokers, answer questions, solve problems. That responsiveness is a big contributor to what sets us apart.

And finally, I think we’ve managed to grow while keeping the culture intact. That’s not easy either. But we still feel like a joined-up team, a real family.

A few years back Allica launched a direct channel – how do you balance that with your broker-first model?

Many of our clients who have a relationship manager actually started their journey with us via a broker. So when they come back for funding, we refer them straight back to that original introducer. It’s policy. We want them to get a whole-of-market review and the best possible outcome — and the broker is best placed to do that.

There might be occasions where the client has a specific reason they can’t go back, and we’ll work with them, of course. But our starting point is always: this is a broker’s client. Our direct relationship managers are there to support clients with ongoing banking needs – current accounts, deposits, insurance, anything that complements our service. But when it comes to new lending, the broker must be re-engaged.

How does Allica view the role of brokers overall?

For us, brokers are not just introducers. They’re our long-term partners. They know their clients better than anyone. And they’ve built this bank with us. That’s not an exaggeration. Without brokers, Allica wouldn’t exist as it does today.

We value their insight, we welcome their feedback, and we try to be as transparent as possible about how we operate. We involve them in product development, we invite them to meet our underwriting teams, our legal partners. We want to demystify the process, bring them closer to how we work. That collaboration strengthens everyone.

The best brokers bring incredible value to the table. They don’t just find a product; they find the right product, the right structure, and then they stay with the client through the whole process.

That commitment is why they deserve to be remunerated properly. With the spotlight on commission disclosures right now, it’s more important than ever that brokers feel confident explaining the value they add. Because it is significant.

Are you seeing a shift in broker specialism – more diversification or more niche players?

It’s a bit of both. There’s a strong cohort of specialist BTL brokers, and with our new BTL product we’re actively engaging with them. But I think the brokers who are best positioned for the future are those who can operate across multiple products. The ones who understand commercial mortgages, asset finance, bridging, deposits. That broader view helps them support clients through different life stages and lending needs.

That said, we embrace both. There’s room for specialists, especially those who are deeply embedded in their niche. The key is quality. From our side, NACFB Members consistently deliver high-quality submissions, and that makes a big difference in terms of how fast and efficiently we can respond.

What advice would you give brokers in today’s market?

Be proactive. Ask questions. Build strong relationships with your lender contacts – don’t just rely on the product guide. Understand our niches, our appetite, the areas where we can flex. That knowledge is power. Also, embrace transparency. Clients are going to see your commission now, so take pride in the service you offer. Make it clear what you’ve done to earn that fee. If you’ve structured the deal, managed it through underwriting, kept the client informed, and got it over the line – that’s immense value.

And finally, invest in learning. We regularly offer brokers the chance to sit with our underwriting team, understand how we assess cases, what we look for. We want to upskill the market, because ultimately, better-informed brokers lead to better outcomes for everyone.

You now lead a large broker-facing BDM team. In your opinion, what makes for a great BDM?

They need to operate like mini-franchises. Autonomy is key. The best ones manage their time well, balance admin with face-to-face engagement, and above all – they listen. It’s not about rattling through a pitch. It’s about understanding what a broker needs and tailoring your message accordingly. Responsiveness matters too. Answer your phone. Or if you can’t, make it clear when you’ll call back. In our world, timelines matter – and so does trust.

How has the BDM role changed in recent years?

It’s evolved a lot. BDMs today need strong internal networks – relationships with credit teams, with operations, with legal. You’ve got to train up your internal support as much as you train yourself. If you build that credibility, you can get things done. There’s also more peer sharing now. We regularly share deal insights, appeal wins, and product updates across the team. We learn from each other.

With Allica growing rapidly – how do you maintain team cohesion?

Culture’s something we’re very deliberate about. It’s not just about hitting numbers. Our end-of-year reviews include how well you’ve supported the wider business. That’s baked in. Most of us are shareholders too, so there’s a collective interest in getting it right across the board. And of course, we try to stay connected – monthly team catch-ups, internal newsletters, and we still get together in person regularly. The wall photo in the kitchen isn’t for show –it’s who we are.

Allica’s added asset finance, bridging and now specialist BTL. What’s next?

The specialist BTL space is a big focus right now. It opens the door to a whole new broker audience. With this product

it means we also enter the HMO market in a big way and there’s strong appetite there. Beyond that, we’re looking at pension lending – SIPs and SASS – and also trust structures. Those are logical next steps.

You’ve worked closely with industry leaders like Nick Baker and Richard Davies, Allica’s CEO — what have you learned?

Their drive is unbelievable – every day is “what’s next?” But it’s not just energy for the sake of it. It’s clear, purposeful, and they make time for their people. I can call Nick right now and he’d pick up – even if he’s on the other side of the world. They’re also fair. Direct, yes. But always respectful, and they give you space to lead in your own style.

And your own leadership style?

I’m people-led. I make it my job to know the strengths of those around me – and quickly. I ask a lot of questions. I’ve built my career as much on who I know as what I know. And I think there’s real power in genuine curiosity. People notice when you actually listen.

Where do you think that curiosity comes from?

I’ve always had it, really. I remember saying to my mum when I was younger, “I see value in everybody.” And she paused and said, “Is that a good thing or a bad thing?” And I said, “Well, I hope it’s a good

thing – as long as I make sure I give something back.” That’s stayed with me. I don’t just want to take from people; I want to understand them, connect with them, and if I can, offer something in return. I think that’s where curiosity becomes meaningful – when it’s not just about being interested but being engaged.

I also grew up in Clapham and moved to a town in Kent as a kid. It was a pretty small-minded town, and I got bored fast. I started looking outward – music, film, culture. John Peel was always on in the background. I just wanted to find people with different ideas. And I still do.

What’s playing at home right now?

It depends on the day. Nineties hip hop is my go-to – De La Soul, Beastie Boys, NWA, the Pharcyde. But also the classics, jazz, soul, blues. The last gig I went to was Electric Eel Shock, a Korean heavy metal band in a Camden pub. They were amazing. I’ll give anything a go if it sounds new.

Final thoughts – what do you want brokers to take away from this conversation?

That we’re in this together. Brokers are the reason Allica exists. They’ve given us a business – and for many of us, a career. Every case that comes across my desk matters. We treat it like currency – not just a transaction, but something personal. That’s what I hope comes across.

One fine day

Why day one funding is fundamental for developments

Chris Gardner CEO Atelier

Rising build costs and an increasingly voluminous book of regulation has put developers on a tough footing this year, with many finding it harder and harder to get foundations in the ground. The upfront cost of development has never been higher, and the emphasis is now on funders to change tack to meet these shifting demands.

After sensing this turning tide, we went out to market at the beginning of the year to see what support developers needed to get over the hurdles of the coming months. Overwhelmingly, the central demand was a fundamental need for the provision of better day one funding within development loan facilities. In other words, a much larger loan on the first day of the project to set a development off on the right foot.

Collaboration between developers, brokers and lenders is paramount. The Building Cost Information Service (BCIS) recently forecast that building costs will increase by almost a fifth over the next five years, so it’s increasingly apparent that rising costs will not be siloed to 2025 alone. Building costs, coupled with the growing number of stringent regulations that need to be met, such as Gateways 2 and 3 in the Building Safety Act and the expected Future Homes Standard only represent more challenges on the horizon, which developers will have to navigate over the coming years.

Completing credit assessments as early on as possible in the lending process means that developers are quickly given an answer and a rationale as to where they stand. Similarly, if developers need much larger upfront funding, then it is up

to lenders to listen to that demand and shift their approach accordingly, providing a larger day one loan so that building can get started.

In many cases, because of the exorbitant impact of initial development costs, greater upfront funding is the crucial pivot as to whether a project will happen or not. While the shift to front-loaded loans is not a sudden panacea for all development woes, incrementally across developments, it will make a significant difference to SME developers who do not have deep financial resources.

This all comes as part of a broader long-term partnership between lender, broker and developer. The value of clear communication and responsiveness between all parties cannot be underestimated. The market is fast-moving; lenders that don’t adapt just as fast will be doing brokers and their clients a disservice. The development market will only be successful with crafted property finance that meets what developers are actually asking for. It now falls to lenders to open their eyes to the reality of the situation and ensure that the market not only survives but thrives past 2025.

Because of the exorbitant impact of initial development costs, greater upfront funding is the crucial pivot as to whether a project will happen or not

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Making a difference

Why lending into deprived areas matters

According to the Index of Multiple Deprivation (IMD), a deprived area ranks lower across critical factors such as income, employment, education, health and housing. Key indicators include poor exam grades, low wages and limited opportunities.

Statistically, the South West has a higher than average proportion of deprived areas and these tend to be concentrated in coastal towns and rural areas.

For example, the number of highly deprived neighbourhoods in Somerset increased to 29 in 2019, and four of Devon’s eight districts are among the UK’s top 25 low-wage ‘hotspots’ as determined by the University of Exeter in 2022. Torbay is the most deprived local authority in the region, with high proportions of children living in poverty and in contact with care services.

Cornwall, meanwhile, is known for being one of the poorest and most deprived areas not only in Britain, but in Northern Europe, receiving £350 million in EU Objective 1 funding. This is down to a combination of factors including a low-wage, seasonal economy biased towards tourism and agriculture, and high costs of living coupled with a lack of affordable housing. Its rural and remote location makes it difficult for residents to access the jobs, services and opportunities that exist in other parts of the country, while traditional industries such as fishing and mining have declined or disappeared.

In reality, addressing deprivation is an enormous challenge but there are opportunities and lending into these areas is about more than just financing businesses – it’s about creating opportunities where they are needed most.

Businesses emerging in these areas are often creative and innovative. They might be providing services to communities in need, capitalising on twenty-first century technology to meet new demands, or taking advantage of low rents in

repurposed buildings to stay commercially viable. The potential is huge, and yet too often untapped, thanks to the higher barriers in accessing traditional finance: perceived risk, lack of collateral, systemic challenges.

As a Community Development Finance Institution (CDFI), in the last year alone SWIG Finance delivered £3 million in funding to 123 businesses in the South West’s most deprived areas, representing 21% of our overall lending. Broker-led solutions included a £100,000 loan to finance a kitchen refurbishment in a Bristol cafe; £73,000 to an auto-repair workshop in the Forest of Dean to help refinance existing debt; and £158,000 of working capital towards a female-led, 40-strong team in Exeter offering educational support to vulnerable people.

By supporting borrowers like these and working closely with CDFIs, brokers can play an important role in helping deprived areas move towards a more prosperous future. Access to finance supports SMEs and start-ups to generate and safeguard local jobs, increase incomes and attract additional investment into local, struggling economies. But that’s not all, the finance can help to provide essential services, bring social and cultural benefits, draw traffic to new areas and alleviate poverty and inequality by closing opportunity gaps. The result: stronger, more resilient communities capable of building on their own success.

Brokers can play an important role in helping deprived areas move towards a more prosperous future

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Challenging times

How targeted funding can support North West start-ups

Alex Mearns Head of Start Up Lending GC Business Finance

It is often said that small businesses are the backbone of the UK economy. This saying is particularly true in the North West. According to findings by the British Business Bank, in the 2023/24 financial year, Greater Manchester in particular was identified as the most entrepreneurial place outside of London for start up loans recipients, receiving £6,928,671 across 518 businesses.

However, without the knowledge of all the options available, many start-ups will struggle to scale. They also have to grapple with mounting challenges that hinder their ability to scale and thrive. Most recently, increases in employer National Insurance Contributions (NIC) and increased business rates are placing a strain on many businesses.

This has been exacerbated by ongoing supply chain disruptions due to geopolitical tensions and tariffs, inflationary pressures, and a reduction in consumer spending. Start-ups often have not yet established economies of scale, so supply chain issues make it even more difficult for them to acquire the resources they need to grow and remain competitive. At the same time, the ongoing cost of living crisis continues to hamper consumer spending, as customers and businesses are forced to budget and hold back on making purchases. This puts pressure on business owners’ ability to adapt, invest, and scale their businesses, and they risk falling behind.

Importance of targeted funding in the North West

These economic headwinds call attention to the importance of promoting equitable access to funding for start-ups. A

lack of equal funding opportunities will stifle innovation and limit growth in the North West’s business community.

This lack of access will also have a ripple effect on the wider regional economy, as start-ups are essential for driving job creation, innovation, and competition. Many of these businesses will also likely be forced to cut jobs to help their operations survive and lower costs.

The British Business Bank’s recent Small Business Finance Markets report revealed that 33% of smaller businesses in the North West are happy to use external finance to fuel growth, rising from 31% in 2023. This trend highlights the growing demand for finance, but the real challenge lies in ensuring these funding options are accessible to everyone – regardless of their background or circumstance.

This challenge is even more pronounced for underrepresented groups. For example, the British Business Bank’s data has also shown that 20% of minority-led businesses are discouraged from applying for finance, compared to 8% of white founder-led businesses.

The Start Up Loans programme recently reached £50 million in funding to females in the North West, supporting over 5,820 businesses

20% of minority-led businesses are discouraged from applying for finance, compared to 8% of white founder-led businesses

Targeted funding helps to address these disparities and bridge the funding gap for minority-led businesses. The Start Up Loans programme recently reached £50 million in funding to females in the North West, supporting over 5,820 businesses. Brokers are uniquely positioned to spot these gaps and offer targeted advice, especially when working with founders from underrepresented backgrounds.

Despite the challenges, demand for funding is increasing, although securing funding from traditional banks as a start-up remains difficult due to banks’ risk-averse nature in this sector. This makes alternative funding a vital tool for keeping the North West small business ecosystem thriving.

Targeted funding, like the Start Up Loans programme, plays a key role in providing entrepreneurs with accessible funding options and bridging the funding gap. These government-funded schemes are designed specifically for small businesses and provide entrepreneurs with competitive interest rates, flexible terms, and even the ability to pay back the loan early without penalties – giving early-stage businesses the flexibility and breathing space they need to survive and grow.

How can brokers better support start-ups?

Brokers and advisors play a crucial role in helping start-ups access the right funding.

Many first-time entrepreneurs are unaware of the financing options available to them beyond traditional funding, so we must raise awareness of these. Offering clear guidance and tailored advice that addresses this knowledge gap will help businesses in the North West gain the support they need and reach their full potential.

A look ahead

The UK’s economic landscape is rapidly evolving, presenting many challenges for businesses, particularly start-ups.

Like elsewhere in Britain, in the North West, many entrepreneurs are facing significant hurdles due to ongoing economic uncertainty, rising costs, and a lack of awareness of the support available to them. During these times, targeted funding is more important than ever in supporting the region’s start-up economy, boosting resilience, and driving innovation.

As economic pressures persist, North West businesses should feel optimistic knowing targeted funding programmes are available for them that are designed to help them start, grow and thrive. The North West’s entrepreneurial landscape is brimming with talent and innovation. Brokers play a key role in helping businesses understand their funding options and supporting their journey to succeed.

Embrace don’t replace

How humans and AI can support business finance

Ed Rimmer CEO Time Finance

Most funders are continuously reviewing how to deliver finance for businesses and tech automation forms a big part of that conversation. The aim is to be easy to do business with. That means making it easy for businesses to access finance but also making it easy for brokers and employees to do their job. The question we and other funders often ask is how can AI be built around our people? We have to keep our feet on the ground and innovate in a responsible and considered way. If we don’t, we lose the personalised service that businesses value.

When we ask businesses and brokers how they want their finance solutions to work, they definitely want responsiveness. The old adage ‘time is money’ has never been more true and so automated finance applications do appeal to businesses because quick decisions – a yes or a no – are valuable. On the other side of the coin though, businesses have nuances, and fully automated finance rarely has capacity to take those into account.

Take a business’ credit history for instance. If it has defaulted on previous agreements, an automated application driven by AI may simply see risk, raise a red flag and the finance is declined. A manual underwriting process with an expert credit panel will dig deeper, have a different perspective and may approve the finance based on the grey areas AI can’t see. The same is true for understanding the business owner’s ambition. A digital application for finance is about an amount of credit and rarely anything more. But good business finance should dig into how a business will use that funding. Is it to survive or is it to achieve ambition? Either way, the reason is deeply

engrained in the decision. If AI took over, you wouldn’t be able to deliver tailored solutions.

This personalised process builds trust and empathy. Where AI can come in, however, is in the administrative elements of the lending process. If funders are careful about introducing advanced technology in the right way, they can automate and speed up some of the more mundane tasks. This can improve accuracy and free up their people to spend more time on the more exciting side of lending – understanding businesses and what they need.

Being intelligent about AI

AI is becoming a part of our everyday lives, and sometimes it’s in things we can’t see. It’s my view that we need to be very conscious and aware of how we apply AI, so that it’s as visible to the naked eye as it can be. AI can enhance what we do, but should never replace people, or be used at the detriment of what we do. Businesses and brokers value having a person to do business with. They like speed, there is no doubt of that, but not at the cost of connection and understanding, and those are the things we would lose if we let AI completely replace our personal approach.

Businesses have nuances, and fully automated finance rarely has capacity to take those into account

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Enabling finance

Growing the British Business Bank’s reputation in the UK financial sector

Bernard Skivington Managing Director, Head of Origination & Relationship Management, Banking British Business Bank

In the last few months, the British Business Bank has demonstrated its flexibility as an organisation that can not only tackle long-standing gaps in the market for small business finance but can also meet an urgent challenge in times of crisis.

The latest example of the former is the launch of our Community ENABLE Funding (CEF) programme in November 2024. The scheme is designed to increase the availability of finance to the social impact sector, initially through Community Development Finance Institutions (CDFIs). These not-for-profit lenders focus on providing financial services to underserved smaller businesses, offering fair and affordable debt finance.

The scheme will lend up to £150 million over the next two years, after which time we aim to source additional funding from private sector investors, unlocking capital for smaller businesses in underserved communities, and those which find it difficult to access finance from mainstream lenders. We are delighted that we have accredited our first two CDFI lenders to the programme. Let’s Do Business and Enterprise Loans East Midlands now have access to much needed, additional funding that will enable them to support many more of these underserved smaller businesses.

For the latter, in April the Government announced it would expand our Growth Guarantee Scheme (GGS) with a further £500 million of additional finance to allow lenders to support smaller businesses affected by the changes in global tariff rates.

The GGS has so far enabled £2.1 billion of finance through 13,447 facilities across 50 accredited lenders, which is a huge achievement. Current deployment rates are in excess of £1 billion a year.

With the additional support now available, it’s vital that brokers make their clients aware that lenders can utilise the GGS to unlock affordable finance. We have made this even easier

BBB

through a straight-forward application and accreditation process for prospective scheme lenders.

This expansion is testament to the trust the Bank has built up over the last decade as a driver of growth for the UK economy and in delivering these financial interventions effectively and at pace.

Of course, we wouldn’t be able to deliver all of this without the many lender delivery partners who work with the British Business Bank to deliver our schemes for smaller businesses across the UK. Many of these are also Patrons of the NACFB.

Over the last 10 years, we have seen smaller lenders across the market embark on a funding journey which has resulted in significant expansion of their provision of finance to small business borrowers. As they have done so, they have been able to help the smaller businesses they have funded to grow and create thousands of new jobs.

And it’s brilliant to see so many businesses increasingly securing that funding through the NACFB’s network of brokers who can place the finance with specialist lenders. These NACFB Member brokers are a vital source of origination for many of our delivery partners, and we look forward to building on our positive relationship with the trade body as we work together to facilitate better access to finance for smaller UK businesses.

With the additional support now available, it’s vital that brokers make their clients aware that lenders can utilise the GGS to unlock affordable finance

Angela Norman Managing Director YBS Commercial Mortgages

It’s personal

Delivering best possible service and building relationships

Relationships are so important. They drive human interaction and behaviour in our personal lives, and they are fundamental in the business world too. And they have been brought into sharp focus over the last few years – especially since the pandemic, which – although now five years since the first lockdown – changed the way we interact forever. That collective experience has left us all relying much more heavily on technology to manage our daily lives – and this has been no different for businesses operating in the commercial market.

Lenders and brokers alike have also had to contend with volatile market conditions characterised by economic and macro-economic uncertainty, and the resulting changeability in interest rates. This has made providing the best possible service more crucial and more difficult in equal measure for us all.

Lenders have been creating or adapting products, criteria and services to remain in-step while alleviating the challenges borrowers are facing, which for brokers, has meant ensuring they are keeping up to speed with the best lender deals available for their clients – and, without specific sourcing systems for the commercial market, this can be a challenge.

It’s good to talk

Against this backdrop, what I come back to time and time again is the importance of building trust through strong links. For a lender, this could mean, for example, reviewing enquiries and applications as quickly as possible, keeping brokers and customers informed as their case progresses; giving them a

named point of contact at every step of their journey, and really getting to know them to understand their needs.

This personal service shouldn’t end at the point of completion, either. It can seem easier to focus on the pull of a brand-new customer to get that next deal over the line, but there is plenty of research which has found that it can cost up to seven times more to attract a new client than to keep an existing one. This includes clients who are refinancing – perhaps struggling to obtain a competitive new deal.

And here’s why it’s so important, and what we’ve learned – as a lender, staying close to both brokers and clients consistently means they will come back to you again and again. You’ll understand them better, and therefore be better able to tailor products and services to meet their needs. And they will also feel that you’ve listened to them and really understand what they want.

Trust, openness and understanding are key contributors to the success of customer transactions

Seeking feedback is also incredibly important – as is making sure you respond to it – to shape your offering in a way that meets the current and future needs of your customers

Ultimately, excellent customer service will set you apart from the competition, and position you as someone who doesn’t just focus on increasing sales targets but as one who actually cares about customers and has their best interests at heart.

It’s personal

If you’re keen to build your relationships with new or existing customers, my advice would always be to really focus on working out what makes them tick and use this information to deliver the best possible customer experience and make yourself stand out. Offering them a named point of contact also means that each broker and customer has access to a familiar face who understands their approach, their business, and ultimately what support they need from lenders to secure a deal that works for them.

Seeking feedback is also incredibly important – as is making

sure you respond to it – to shape your offering in a way that meets the current and future needs of your customers. Again, this is something we’ve used time and time again to hone our offering and give brokers and customers what they tell us they really need. For example, introducing process improvements, designed to save time and money for both brokers and customers, which for us have resulted in case turnaround times from offer to completion reducing by an average of 13.5% in 2024.

The future

Looking to the future, I believe human connections will remain a clear focus – no matter what else is going on in the wider world. Trust, openness and understanding are key contributors to the success of customer transactions, and as part of this, providing the best possible service you can at every step of the way, including way past completion dates –will guarantee people will stay with you for life.

Women welcome?

Why we still need safe spaces for women in finance

Kim McGinley Managing Director VIBE Finance

Istarted in the mortgage industry at 19 years old. Female mentors were few and far between because, quite simply, there just weren’t that many women in leadership roles. So, like many others, I put my head down and cracked on.

Over the years, I’ve seen the industry shift. And now, running my own business, I’ve made it my mission to use my voice and use it loudly. Because while progress has been made, we’ve still got a long way to go.

Representation is still lacking. Recruitment processes remain outdated. And too many women are still sitting on the sidelines, doubting their abilities – not because they’re not capable, but because they don’t feel like they belong in certain rooms.

The reality is some of the challenges we face today are the same ones that have been there for years. Women are still underrepresented in senior roles. They’re often overlooked for promotions if they take time out for maternity leave. Workplaces still lack flexibility – and it is women who are disproportionately affected by that. There’s a confidence gap that stems from years of being underestimated. And the networking scene? Let’s just say, golf days and boozy dinners don’t exactly scream inclusive.

That’s why, when I launched my own brokerage, I made a conscious decision to not just build a business, but to build a platform. A place where women are championed. Where we show up, speak out and create the spaces that feel different.

Over the past few years, I’ve made it a priority to create spaces that feel different. Spaces where women in our industry can connect meaningfully, be seen and speak openly. Whether that’s at major industry events or in more intimate settings in the City, I’ve

seen first-hand how powerful it is when women come together in environments that prioritise inclusion over tradition. It’s not about surface-level networking, it’s about building real communities rooted in support, not hierarchy.

Because here’s the truth: women still need safe spaces in this industry.

Spaces where they don’t have to shrink themselves to fit in. Where they can speak freely, feel seen and feel supported, especially in sectors that haven’t always welcomed them with open arms.

I was recently invited to speak at Avamore Capital, and I used the opportunity to shine a light on how recruitment practices are still – often unintentionally – holding women back. Job ads are often written in ways that appeal more to male candidates. Interview processes can be intimidating or overly rigid. But more than that, women often naturally hold themselves back. If they don’t tick every single box, they hesitate to apply – whereas men tend to just go for it, even if they don’t meet all the criteria. And in that hesitation, we lose talent. We lose confidence. And we lose opportunity – not just for women, but for the industry as a whole.

Yes, we’ve seen improvement. There are more conversations, more initiatives and there is more awareness. But awareness doesn’t equal action. And inclusion doesn’t happen by accident – it has to be intentional.

I know how powerful it is when you finally see someone like yourself doing the thing you dream of doing

Visibility plays a huge part in that. Because you can’t be what you can’t see.

We need more women on stages, in leadership, on panels, in boardrooms and being vocal online. Not just as a diversity checkbox, but because they deserve to be there. Because their perspectives are powerful. And because their presence changes the game for everyone coming up behind them.

I’m incredibly passionate about encouraging more women – especially the younger generation – into finance and property. Because I know how powerful it is when you finally see someone like yourself doing the thing you dream of doing. I didn’t have that at 19.

The truth is, when women feel safe and supported, they show up differently.

They lead boldly. They innovate. They speak their minds. They serve their clients better. They build teams and businesses rooted in empathy, performance and passion. And they bring others with them.

But we can’t just rely on the women already in the room to keep pushing. This is about collective responsibility. Lenders, broker firms, networks, recruiters; we’ve all got a role to play. And that means ditching outdated hiring practices, investing in mentorship, offering flexible working as standard and backing initiatives that are designed by women, for women.

If creating safe spaces is what it takes, I’ll keep doing it. If that means more events, more uncomfortable conversations, more showing up, more championing, then bring it on.

Because the future of finance? It’s not just male, pale and stale anymore. It’s female. It’s diverse. It’s collaborative. And it’s real.

We’re not done yet. But we’re making moves. And if I’ve learnt anything over the last two decades in this industry, it’s that women who can… absolutely will.

Josh Knight Sales and Marketing Director

Capital

Building allowed

The permitted development opportunity

The market has shifted. In the decade prior to Liz Truss’ mini budget, single tenancy properties could deliver a palatable return for investors borrowing at higher LTVs. But since rates and running costs have climbed so steeply, many investors are dropping out of the market. Our research shows 21% of landlords anticipate reducing the size of their portfolios in 2025. That said, there is still opportunity for investors willing to change their strategy – and for the brokers who are able to support them.

Permitted development rights (PDR) allow investors to make changes to property without the need for planning permission, making it a useful tool for investors searching for better returns.

Increasing square footage

To add significant value to a property, often investors will need to increase its size. Under the PDR rules, there are several ways investors can add floorspace without the need for any approval from the local authority such as loft conversions, single-storey side extensions, single or double-storey rear extensions (up to three-four meters depending on property type), garage conversions and dormer conversions. An increased footprint, coupled with a cosmetic refurbishment, is likely to deliver a healthy profit. And, with no need for approval from the local authority, investors can pursue these projects at speed.

Changing use classes

Some change-of-use projects can also fall within the PDR remit. Most commonly, investors will convert houses into houses of multiple occupation (HMOs) and this can be an effective way of improving a property’s yield. Providing the property is in an area which is not subject to an Article-4 Direction, and the HMO is to be no more than six bedrooms in size, these conversions

can be completed without any approval from the local authority. We have funded small HMO conversions where the property’s income potential has increased by 400% post-conversion, which highlights the scale of the opportunity.

Moreover, since the summer of 2021, investors can convert qualifying commercial, and elements of semi-commercial properties, including retail, offices and restaurants, into residential dwellings under permitted development (Class MA). Whilst within the scope of PDR, a prior approval application would need to be granted by the local authority before the project can commence. Prior approval applications are typically addressed within 56 days, making them significantly quicker to obtain compared to a full planning application.

Development opportunities

Under Class Q, investors can convert qualifying agricultural buildings, including stables and barns, into a maximum of 10 residential dwellings. Again, a prior approval application is required, but the shorter timeframe for approval creates less friction.

It is imperative that investors seek professional advice from an architect and/or planning consultant before commencing any project. It would also be prudent to seek a Lawful Development Certificate to confirm the project is within the PDR rules to prevent future risk of enforcement action from the local authority.

Not only has the permitted development framework provided a significant opportunity for investors searching for improved returns, it has also increased demand for refurbishment bridging loans – which presents an opportunity for brokers able to source the right funding for their clients.

Octane

From start to finish

The smarter way to fund

refurbishments

Jonathan Rubins Chief Commercial Officer Alternative Bridging Corporation

Refurbishment remains a popular strategy for property investors aiming to boost value. From cosmetic updates to large-scale structural works, the right project can offer strong returns, but only when backed by suitable finance.

Traditionally, bridging loans have played a key role in this space, providing short-term funding for both the purchase and improvement of a property. However, as refurbishment plans become more ambitious and timelines less predictable, borrowers are increasingly exploring funding options that offer greater flexibility and control.

Revolving credit facilities are one such option. Rather than releasing the full loan at the outset, they allow borrowers to draw down and repay funds in stages, often in line with how the refurbishment work progresses. This staged access to capital can help match finance more closely with real-time costs, whether that’s paying contractors in instalments, sourcing materials at different stages, or covering unplanned expenses midway through a build.

One of the main advantages of revolving credit is that interest is typically only charged on the amount actually drawn down, not the full facility. This can make it more cost-effective than traditional bridging loans, which tend to charge interest from day one on the total loan. In practice, this can reduce the overall cost of finance, especially on projects where funds are used gradually rather than all at once.

This type of facility can be particularly useful for heavier refurbishment projects that involve multiple stages of work,

such as structural changes, loft conversions or extensions. Timelines on such projects can often shift due to planning, supply chain issues or changes on site. Having access to finance that reflects the pace of the project, rather than being fixed from day one, can offer greater breathing space.

Revolving credit can also support lighter refurbishments, giving borrowers more control over how they fund each phase without locking them into rigid structures. Many facilities are available on either a first or second charge basis and can be secured against residential or commercial property. Loan sizes typically start from around £250,000 and can run into the millions, with terms of up to two years or more, depending on the lender.

Beyond refurbishment, these facilities are increasingly being used for other purposes too, including auction purchases, land acquisitions, and part-completed developments.

For brokers, having a good understanding of how revolving credit facilities work can make all the difference. By identifying when they might be more suitable than traditional options, brokers can offer clients flexible funding structures that support both the project and the bottom line.

One of the main advantages of revolving credit is that interest is typically only charged on the amount actually drawn down, not the full facility

Backing business ambition

A closer look at Personal Guarantees and lending policies

Craig McBride Account Manager Claratus Commercial Finance

Accessing finance remains one of the most persistent challenges for UK SMEs. From interest rate volatility and the near-universal demand for personal guarantees to rigid, automated lending decisions, business owners often face an uphill battle when seeking funding to grow.

A double burden?

In today’s lending environment, two major barriers stand out: elevated interest rates and the requirement for personal guarantees. There is often a stark disconnect between borrowing costs and the Bank of England’s Base Rate. At the same time, personal guarantees are routinely demanded for even modest lending facilities.

Originally intended to protect lenders and encourage borrower accountability, personal guarantees now frequently act as an extra layer of risk for entrepreneurs – without any meaningful reduction in cost. If a director is already pledging personal assets to secure the loan, why is the interest rate not adjusted accordingly?

During the COVID-19 pandemic, the landscape briefly shifted. Government-backed schemes such as CBILS and BBLs replaced personal guarantees with public underwriting, while also offering far more affordable rates. It showed that alternative security models can work and can significantly broaden access to finance.

Disproportionate risk, deterred ambition

This post-pandemic lending environment continues to discourage entrepreneurship. High interest rates, paired with the demand for personal guarantees, create steep thresholds that stifle investment and innovation. For younger business owners – especially those without property – it’s even harder.

Without homeownership, many are effectively locked out of borrowing altogether.

Automated lending systems and inflexible policy frameworks compound the issue. Increasingly, lenders rely on algorithm-based decisions to process volumes quickly. But while efficient, these models often overlook business potential that doesn’t fit neatly within predefined criteria.

“The business doesn’t meet our policy requirements.” It’s a familiar phrase for entrepreneurs with sound business plans, solid trading history, and real growth potential – yet are overlooked because they miss one checkbox.

Our call for reform

To help fix this, targeted government support could make a real difference. One option is to guarantee a pool of ‘policy-exception’ loans – facilities that just fall short of standard criteria, but show strong fundamentals. This would give lenders greater confidence to back promising businesses without assuming full risk.

Additionally, the reintroduction of partial government guarantee models – similar to those used under CBILS – could make personal guarantees negotiable again, rather than the default.

SMEs are the backbone of the UK economy. To unlock their full potential, we must address the dual burden of high borrowing costs and personal guarantees – and build more flexible, human lending frameworks that reward real potential, not just policy conformity.

Automated lending systems and inflexible policy frameworks compound the issue

Andy Virgo Sales Director Birmingham Bank

Broker voices matter

Designing lending products with brokers in mind

In lending – particularly mortgage lending – true innovation means understanding the people who live and breathe the process every day. Designing lending products without early broker input risks missing the mark. From the outset, I believe it’s important to work with a group of experienced brokers, gathering regular feedback and blending quantitative and qualitative insights to refine the proposition.

A successful lending product must balance three needs: the customer’s, the broker’s, and the lender’s. For customers, simplicity, transparency, and value drive better outcomes. For brokers, clarity, speed, and ease of packaging are vital. And for lenders, consistency and scalability underpin sustainable growth.

We found it critical to understand where friction points existed in the journey for both brokers and customers. Specialist lending can involve complex criteria and underwriting, but that complexity shouldn’t create confusion.

Brokers need interfaces that work for them: portfolio views, easy document uploads, real-time tracking, and seamless integrations. If the tech doesn’t reduce friction, it’s failing.

The term ‘product design’ often conjures images of interest rates and terms. But in reality, a great lending product is defined just as much by its user experience. For brokers, that means a system that’s intuitive, a criteria matrix that’s wide enough to accommodate real-life scenarios, and a support team that understands nuance and relationships. Ultimately, lending is about trust. And trust is built when brokers know they can get fair outcomes, and actual flexibility when needed.

Lenders should work hard to distil intricate policies into straightforward, broker-friendly solutions. Simplicity in design doesn’t mean diluting credit quality – it means presenting information clearly, removing unnecessary hurdles, and offering transparent processes at every stage.

Technology undoubtedly plays a role in speeding up and smoothing out the journey; however, it is the underlying product design, shaped by broker insight, that makes the real difference. By listening closely, lenders can identify and prioritise changes that genuinely improve the broker and client experience, not just internal processes.

Broker feedback also plays a critical role in shaping future product roadmaps. Brokers sit at the front line of evolving customer needs and market shifts. Their insights can help lenders anticipate new demands, refine service expectations, and stay relevant.

Ultimately, brokers should be seen not just as distribution partners, but as co-creators in building better propositions. Listening, learning, and adapting based on real-world insight is key to delivering products that work – for lenders, brokers, and customers alike.

When lenders build with brokers in mind, from day one, the results are mutually beneficial. Better packaging, clearer criteria, faster outcomes – and stronger relationships across the board. Because in the end, it’s not just about technology. It’s about trust, usability, and a shared goal of delivering exceptional value to every customer, through every intermediary.

Brokers should be seen not just as distribution partners, but as co-creators in building better propositions

Reliance Bank prioritise business lending to organisations that deliver positive social impact in the UK.

We outperform high street banks for customer satisfaction

In the 2024 Charity Finance Banking Survey, Reliance Bank achieved first place for Relationship Management.

Helping good people do great things with money

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

We have a specialist understanding of the following key sectors: Community Faith Healthcare Social Housing

We provide:

Loans for refinancing

Loans for business acquisition

Loans for property purchase

Loans for refurbishment

Loans for business expansion

The great wealth transfer

Supporting a new generation of property investors

Scott Lord Deputy Chief Credit Officer Market Financial Solutions

Brokers and mortgage advisers need to ready themselves for a coming generational wave. Currently, younger generations simply do not have enough economic clout to majorly impact the property market. But that may not be the case for much longer.

The young are keen to get investing. There is a rising number of 25-34-year-olds who plan to invest in buy-to-let (BTL) properties to build their wealth, as opposed to purchasing homes to live in. Also, according to the World Economic Forum, nearly a third of Gen Z start investing by the time they reach early adulthood, more than any other generation at the same age.

In fact, according to BuyAssociation, there are already around 3,000 BTL landlords in the UK under the age of 21. This number may only rise from here too. Our own independent research revealed that 34% of investors aged between 18-34 plan to invest in, or increase their investment in property in 2025, compared to a wider average of 14%.

Again, the impact young investors have at the moment is relatively low. But, in just a few short years, that is set to reverse. Within the next five years, the “great wealth transfer” will see trillions handed down to Millennials and the Gen Z cohort globally. In Europe alone, around £3.5 trillion is predicted to be passed between the generations, and at least some of this wealth should find its way into the property market.

That said, younger property investors and would-be landlords are likely to face certain challenges in getting up and running in the market. High street banks and mainstream lenders are likely to

have tightened criteria in place for younger borrowers, especially if they’re first-time buyers. Limited credit histories, a lack of investment experience, and narrow financial literacy will hold them back on the high street.

For brokers, they face the conundrum of seeing a dramatic increase of business from the young, without having obvious ways forward for their plans. Fortunately, the specialist lending market can help here.

Generally, bespoke lenders are more open to working with first-time investors/landlords, even if they’re still in their early-adult years. Our cases are based on the property being invested into, more so than the borrower’s background.

Also, deals are underwritten on a case-by-case basis, meaning there is no tick-box lending criteria in place that automatically excludes borrowers just because they’re of a certain age.

It’s important to understand that a continuous flow of enthusiastic, optimistic investors will be needed if the property market is to be lifted to new heights. And, as they emerge over the coming months and years, lenders and brokers must be ready to support them.

There is a rising number of 25-34-year-olds who plan to invest in buy-to-let properties to build their wealth, as opposed to purchasing homes to live in

SEEING EYE-TO-EYE

Borrowing

Support at every stage, from the application process throughout the life of your loan

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Serving the underserved

How brokers can utilise the Community ENABLE Funding programme

Sean Dennis Managing Director Let’s Do Business Finance

The British Business Bank’s launch of the £150 million Community ENABLE Funding (CEF) programme marks a pivotal moment for finance brokers and many of the small businesses they serve. Designed to accelerate the growth of Community Development Financial Institutions (CDFIs), this initiative aims to extend fair and affordable finance to enterprises often overlooked by mainstream lenders.

Despite the South East, London, and East of England experiencing a 21% rise in bank lending to small businesses in the first half of 2024, many small businesses – particularly those led by women and ethnic minorities – continue to struggle to access the capital they need to grow.

According to the Small Business Finance Markets Report, ethnic minority-led businesses are four times more likely to be denied loans than their white counterparts. Female-only founder teams also receive less than 1% of total small business loan financing in the UK, despite women-owned businesses contributing billions to the economy each year. Entrepreneurs in regions like the South East and East of England based outside of major cities are too often overlooked by mainstream lenders, with the disparity even more acute in coastal and rural communities.

Traditional and fintech lenders find it difficult to support SMEs with their ambitious growth plans when they don’t fit neatly into their algorithm approach, which is seeing increasing numbers of brokers working more closely with CDFIs. For finance brokers, CDFIs unlock a new world of opportunity for small businesses with flexible lending terms and a relationship-driven approach that aligns with many brokers’ commitment to supporting clients through more than just paperwork.

A growing issue for CDFIs, however, is access to sufficient funds for them to lend and keep up with this growing demand.

This is where the CEF steps in – not just as a funding source, but as a catalyst. By opening up £150 million in funding for CDFIs to lend, the CEF ensures that finance is made accessible for the grassroots level, directly supporting businesses that other lenders routinely bypass, promoting inclusivity and more opportunity than ever before. The Community Enterprise Fund means that brokers can now help clients access funding where it simply wasn’t available before – giving them a new set of tools to start, reinvent or grow.

This fund provides a genuine route back to even the playing field. Independent businesses are the backbone of local economies and often the heart of their communities. With renewed access to finance, these businesses can invest in innovation, jobs, and long-term growth.

It’s time for brokers to lean in. The CEF isn’t just a government initiative – it’s a bridge to a more equitable financial ecosystem. For brokers, that means more successful clients, deeper relationships, and a stronger local business landscape. By embracing this fund, brokers and CDFIs together, can help bolster those who have already waited far too long for their fair shot.

It’s time for brokers to lean in. The CEF isn’t just a government initiative – it’s a bridge to a more equitable financial ecosystem

BRIDGING WITH MOMENTUM.

Managing Director, Specialist

Opportunity knocks

Why brokers should seize the opportunity of the Renters’ Rights Bill

Landlords and their brokers have faced more than their fair share of regulatory change in recent years. So, it’s understandable if the Renters’ Rights Bill hasn’t made it to the top of everyone’s reading list just yet. But this one is different.

It’s not just another policy change. It’s one of the most significant shifts we’ve seen in the private rented sector for some time. And for brokers, it brings a clear opportunity to support clients and grow their business.

What is the Renters’ Rights Bill?

The Bill, which is currently making its way through Parliament, brings forward a set of reforms designed to raise standards across the rental market. Taken together, they represent a major shift in how landlords operate.

Key measures include the removal of Section 21 notices, meaning no-fault evictions will no longer be allowed. Fixed-term tenancies will be replaced with rolling agreements. Rental bidding wars will be banned, advance payments capped, and a new National Landlord Register introduced. Landlords will also need to ensure their properties meet the Decent Homes Standard before they can be let.

It’s a wide-reaching set of changes that will affect investors across the board. And while there are challenges, it’s also encouraging to see an emphasis on improving quality and consistency across the sector.

The opportunity for brokers

This kind of shift always brings questions, and that’s where brokers come in.

Some landlords are already thinking about what these changes mean for their portfolios. Others are only just starting to take stock. Brokers who are out there having these conversations early, offering clarity and practical guidance, are the ones who will make the biggest impact.

There will be landlords looking to upgrade properties, refinance to release capital, or restructure how they invest. That requires funding, and a clear understanding of how lenders are responding. After all, some lenders too will have to adapt to the new legislation and rethink the way they approach affordability and stress testing. Others, particularly those who are more experienced in handling complex cases, will be looking at how they can make the transition easier for landlords.

Brokers who are actively engaged with both clients and lenders will be in the best position to deliver the right outcomes.

The Renters’ Rights Bill will reshape the rental market, but it also offers brokers a clear opportunity to strengthen relationships, demonstrate their value and win more business. It’s not just about helping clients adapt. It’s about looking ahead and being the trusted voice they turn to next.

It’s one of the most significant shifts we’ve seen in the private rented sector for some time

Alex Upton

Mortgages & Bridging Hampshire Trust Bank

A trusted partner for business funding

must-visit destinations at NACFB Expo 5

The NACFB Commercial Finance Expo has grown into the largest and most influential gathering of brokers and lenders since its debut in 2010. For 2025, to mark 15 years of collaboration, innovation and growth, the team has created something truly special. Here are five new and exciting must-visit destinations to look forward to at this year’s event which stands at the very heart of the UK’s intermediary-led commercial finance community.

Join us?

We hope to see you at the show on Wednesday 11th June at Hall 3A of the NEC Birmingham. It’s free to attend and you can register now at commercialfinanceexpo.co.uk

1

A brand-new metropolis theme

Step into a vibrant cityscape experience that embodies the energy, diversity, and ambition of the NACFB community. Much like the towns and cities you’ll be travelling from, the NACFB Expo isn’t just an event – it’s a destination.

Picture lively streets lined with exhibitors, bustling networking hubs designed for collaboration and quiet corners for reflection or recharging. This immersive cityscape represents more than just a theme – it’s a reflection of the event’s evolution.

2

The NACFB stand: The home of commercial finance brokers

This year, we’re reinventing our very own NACFB stand to create a greater sense of familiarity and belonging. Stand S17 will feature friendly faces, as well as everything you need to make the most out of your day.

It’s a space where you can connect with the NACFB community, celebrate the achievements of the past 15 years, and feel the warmth of a community that truly values your contribution. After all, there’s no place like home.

3

The Big Picture Theatre

In our cinema-style conference theatre, finance meets the big screen as industry stars take to the stage to debate, discuss, and dissect the most pressing topics in commercial finance. Grab your popcorn and get ready for sharp insights from star-studded panels, thought-provoking discussions on the trends shaping the industry, and a blockbuster line-up of sessions designed to inspire and inform.

The Community Centre

4

The Broker’s Arms

Every great city needs a local, and the Broker’s Arms is yours. Step off the bustling streets and unwind with a game of darts, catch up with colleagues over bar snacks, or simply take a well-earned breather with a drink in hand. An exclusive, Members-only pub, on hand to offer a warm welcome will be Ann Walsh, the NACFB’s business development manager and resident ‘landlady’ of the Broker’s Arms.

A dedicated space for brokers to meet community development finance institutions (CDFIs). Visitors to the Community Centre will discover how the transformative impact of these lenders can support brokers with finance for start-ups and small businesses. Located on Stand N23, visit representatives from ART Business Loans, BCRS Business Loans, Business Enterprise Fund, Big Issue Invest, Coventry & Warwickshire Reinvestment Trust, Finance For Enterprise and Let’s Do Business Finance. 5

Your clients’ property finance needs under one roof.

• Forecasted income accepted

• First-time property investors considered

• Non-UK and foreign nationals welcome

• First and second charge available*

• Flexible on larger loans

Contact the team today 03300 299 615

* Second Charge available on Unregulated Residential Bridge, Buy to Let and Homeowner Business Loans.

Bridging | Commercial Term | Buy to Let Semi-commercial | Homeowner Business Loans Have you read our Cities in focus 2025: Commercial property insights? Scan the QR code to find out more. For professional intermediary use only

Five minutes with:

Steven Scoufarides

Head of Broker Relationships, iwoca

What do you like to do to relax?

Watching sports with a cold drink and going on trips to somewhere new or familiar.

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

Attempting to bleach my hair blonde but actually achieving more of a ginger colour. I’ve since gone bald so it won’t re-emerge fortunately.

If you could choose any celebrity to be your best friend, who would it be?

Son Heung-Min, phenomenal player with top class personality.

Where would you like to be in 10 years?

Somewhere warm and peaceful.

What’s your favourite sandwich?

A double Cypriot answer here, Halloumi and Lounza, and Sheftalia which is more of a kebab but I highly recommend both.

Who is your favourite novel or film character? Are they a hero or a villain?

Thanos in the Marvel movies, he’s a villain to most people but hero to others.

What does a perfect day off look like for you?

Exploring somewhere new and exciting in a different country, adding to the lifetime experiences.

How do you like to exercise?

Lifting weights or manual labour in my free time.

What is the oldest item in your wardrobe?

I’ve got some England and Spurs shirts from the early 90s which are actually now quite sought after.

Is there someone in your life you admire? Why do you admire them?

Michael Jordan – dealing with that level of fame and competition and coming out on top is unlikely to ever be repeated.

What’s your go-to morning beverage?

I can’t do hot drinks so I prefer a cold energy drink with Reign being my typical go to but I don’t have them every morning.

What attracted you to work for iwoca?

The calibre of people and the ambition of the business. I joined over eight years ago and it has certainly exceeded my expectations.

What are some skills or strengths you bring to the team?

I’m always very calm and am a strong communicator and negotiator.

What is your favourite SME success story?

My brother’s football shirt business worldwidefootballshirts. He’s deaf and has four kids but despite what others would consider a limitation, he has been able to open a successful store and has grown his online presence which has been great to see.

What is the most valuable career advice you’ve been given?

Perception is more important than reality.

What professional skills would you like to master?

I’ve seen the benefits of being bilingual but I’d love to be able to speak any language to be able to work with businesses and partners across the globe.

What helps keep you motivated at work?

Seeing some of the SMEs we’ve funded thrive. I remember working late on New Year’s Eve in 2017 to help fund a small bubble tea business. They now have over 20 stores in the UK.

What is the best part of your current role?

The relationships with brokers and colleagues and working towards a common goal. We have a team of smart and humble iwocans and a valuable broker network filled with different personalities meaning no two days are ever the same.

Big developments need small rates

At Assetz Capital we understand how difficult it is for property developers to cost effectively fund their projects. That’s why we can now offer development finance starting at just 8.85% p.a.

But a successful scheme is a lot more than just a great rate. That’s why we also offer you a range of features that could get your next project off the ground in no time.

• 24 hour credit backed decision making – giving you confidence from the start.

• Lending up to 72% LTGDV and up to £10m for residential schemes.

• Higher day 1 cash advances to better manage cashflow at the start of you development.

At United Trust Bank, we believe that we can achieve more together than alone. That’s why we’re committed to building great relationships with our broker partners. Watch our brand video to learn more.

You set your goals We help you get there