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21 Jan, 2008

Laura Stavro-Beauchamp
Date: 21-Jan-2008

Base Commercial Mortgages has tipped 2008 as the year for commercial mortgage brokers to prosper, as businesses seek professional help in response to tightened lending terms.
Paul Marland, sales & marketing director at Base Commercial, says: "Continuing uncertainly in the credit markets has resulted in many traditional banks tightening lending criteria and reducing volumes.

"This is causing business owners real problems and they are increasingly turning to professional commercial mortgage brokers for help."

However, Marland warns about the potential dangers of residential mortgage brokers diversifying into commercial lending - a trend, which is emerging as the housing and mortgage markets continue to slow down.

He says: "Commercial lending is, however, a very different discipline to residential lending and has plenty of potential pitfalls for brokers who are not familiar with handling applications from businesses as opposed to individuals.

"There are a far wider range of issues to be taken into consideration, including more complex valuations and the status of the business making the application."

He adds: "My recommendation is for residential brokers to consider forming business alliances with professional commercial brokers in their area, to enable them to offer the best possible service to their clients."

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