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Hi guys. i hope all is well today!
I really wanted to reach out for some advice about getting into a different sector of the property industry.
I currently have 3 properties that i have bought and either renovated or renovating and when i'm not doing my own properties i'm doing work on other peoples properties as my day job (builder). However, i am considering a career change.
As many of you probably have, i have spent endless hours speaking to banks, brokers and various lenders regarding B2l, Development Finance, Bridge Loans, Res Mortgage, Business Loans. and so on..
I have a reasonable understanding of commercial finance and recently i have looked into the prospect of becoming a Commercial Mortgage Broker. to my surprise a company provides a franchise opportunity so i can become a Commercial Broker in a matter of weeks.
I am going to a Discovery Day to see what the course entails. there are fees for various levels of entry. higher fees get you a more favourable commission split and also further training and ongoing support.
The Franchise covers my FCA obligations and also memberships to other Regulatory type bodies within the finance world.
I have a few contacts within property such as builders, land lords and developers. I also have an office and experience in running an office type sales business.
I think having spent a lot of time on this side of a loan i would be a good consultant and my development experience would only do me good when advising clients, i would really like to help others get into property and as we know, very few have enough liquid to get into property, that in mind and the fact that high street lenders are so unlikely to consider lending i think there is a need for this kind of service.
I would like to see if any of you have any comments on the company that sell the franchises but i'm not sure if I'm allowed to state there name. I would like to ask very simply. Is a career in Commercial Finance a good idea? I'm looking for something that has a slightly better work/life balance, Building is okay but its long hours and (this time of year) not very pleasant weather.
Im motivated and driven. Is the industry a minefield? what should i look out for? is a franchise a good start?
Thank you for your help.
It's a great business to be part of, so I wish you all the best for your future career.
Where are you based?
FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE
PROPERTY TRIBES FINANCIAL SERVICES
North West, Greater Manchester.
I know i would enjoy helping others in situations i have been in, I'm just nervous turning my back on what i do currently.
Thanks for the support.
My discovery day is 19th December so i will update how things go.
How much are they charging you for the franchise and what % of your commission do they topslice?
Good luck to you but if you want " something that has a slightly better work/life balance" it's not the industry to be in. I presume it's the people over the Pennines?
Regards Simon Searchlight Finance
Fulfil Your Property Ambitions
Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.
HMO Finance I Complex BTL I Bridging Finance I Development Finance
Buy to Let I Portfolio Finance I Commercial Mortgages