The partnership will see NACFB members offered a proc rate of 1.3%, up from Precise’s standard fee of 1%. The lender is looking to increase transparency in the market and make fees more easily comparable.
Alan Cleary, managing director of Precise Mortgages, said that his company had been working on the project with the trade body for a number of months, and he hoped it would lead to long-term improvements in the market.
“We met with Adam Tyler in February and immediately found common ground regarding standards in bridging market. The NACFB’s codes of practice are what we want from transparency, so customers can compare and contrast more easily.
“We want a strategic and long-term relationship. We already speak at their events and run education programmes, but we also wanted to incentivise the NACFB’s members to look at our products and we have upped fees to increase the reward to them.”
Adam Tyler, chief executive of the NACFB, added: “Our association has been at the forefront of providing self-regulation throughout the commercial finance industry for 20 years now.
“It is through increasing standards across the industry that we have kept this status quo. This latest initiative will benefit both our members and their customers alike.”
