In January 2008 our management team considered ways in which it could improve its established network of Independent Business Finance Consultants, and make the offering more attractive to the Professional Mortgage Brokers. Based on our experiences within the industry we decided that a ‘co-operative’ Network was without doubt the way best to go forward.
More and more people are thinking of entering the business and commercial finance industry, either full time or as an add-on to an existing practice. We felt there was a need to establish a professional working relationship with new and existing brokers, to offer structured development and assistance in this difficult and specialist area. Bfas.org is funding projects across the globe and with no ceiling on the amount of funding offered. Commercial funding does not stop with one million and 85% LTV, this is a tiny fraction of the market place.
The outcome of the deliberations is bfas.org Independent Business Finance Consultants Network.
We are aiming (by using the combined strength of many) to be able to negotiate more favorable volume introduction fees from the funders and the Network Members will benefit directly from this. We have found that lenders are setting what appear to be attractive targets, but the way these are levied positively discourages business finance brokers from aggregating together for the purpose of increased fee levels. We will pay more for cases the bigger the networks volume, and so by supporting us now you can look forward to increasing income over time.
We often have exclusive lines of funding available only through bfas.org and given the current credit squeeze we are always looking to assist our Members in making a living. For example we have found currently UK lending banks are withdrawing funding from part completed development projects due to “The Risk”. We have secured funds to take over these projects and see them out to completion. These projects are usually in the £5m to £200m price ticket range. This is just one example where bfas.org have the products you are looking for.
We are also acutely aware that the practices in residential mortgage sales are very different from commercial and business funding. We aim to ensure all our Members are earning regular incomes to maintain their living standards. We see many brokers working for no fees, competing against each other in the residential arena. Imagine four brokers researching a mortgage for a client, each one probably covering the same ground. Each one has only a 25% chance of success of getting paid and a definite 75% chance of not getting paid! That’s assuming the client does not change their mind or their circumstances. bfas.org will take a commitment fee from each client on account of the work that is to be carried out, half of this is payable to Members when commission safe (see our terms of engagement). We refund the clients money if we have asked for the fee based on the fact that we believe we can obtain offer of funds, and we are unable to do so where nothing has changed from the original facts presented to us.
We ask Members to carry out sign-up meetings on behalf of our clients and other Associates and Member’s clients. We have found that with Business and Commercial finance face to face transactions have around a 90% success rate whereas postal and email sign-ups have only around a 20 to 30 % chance of completing. For this service will pay a fee dependent on the level of involvement. The expected commitment is up-to four hours, and within 100 miles for c. £500.
Members can also benefit from introducing Associates and other Members to the bfas.org network. By agreeing to mentor and ensure the new associate gets to know how we work and stays with the network, Members can agree a contractual share of the new Associate and Member’s income. We have lots of tools to assist you in recruiting and mentoring; it’s easy and rewarding. You could have your own team within bfas.org and we will help you develop a strategy for success.
We have a program of monthly training and development meetings (Business Building Sessions) designed to help you with areas of managing your business:~
· Marketing
· Recruitment
· An introduction to the unique bfas.org client needs analysis tool
· Developing your own business plan
· How to find clients, how to service clients.
· Additional add on sales
· Personal development
· Time management
· Business building
· Sign-up meeting training is one of our best attended sessions.
These Business Building Sessions are completely free to Members and a small charge is made for Associate wishing to attend. A Member can invite any number of first time Associates as an aid to recruitment and up to two associates in his/ her team free of charge to any of the Business Building Sessions.
So you ask how do I become part of the network.?
We offer two levels of Membership to any one wishing to join us:
As a first introduction to the Network we offer Associate Membership. There are no costs involved and only benefits.
You can use us as a source of assistance and support with your commercial and business finance cases. A solution to your Introduction will be developed by bfas.org. We will assist you with the information gathering and we will prepare the documentation for you to carry out a face-to-face sign up meeting with your client. If you wish we can provide one of our experience Members to carry out the sign up process for you. You may wish this to be done where you are not experienced at providing finical advice or your client may be at some distance from you. You will be kept fully updated on your case progress at all stages. This level of Membership is designed to allow both the Associate and bfas.org to form a working relationship, before either commit to the further benefits of Member status.
Procuration fees will be paid over to the Associate at the rate of 100% of the fee received from the Funder, (less a 7.5% network charge and a flat fee if one of our advisors carries out the sign up meeting if not separately charged to the client).
bfas.org will in all cases charge the client an administration charge of 0.5% of the loan amount and a professional fee commensurate with the service provided. For bfas.org to collect any professional fees on your behalf you must become a Member. Note we can collect professional fees on Associate cases and pay them to your introducing mentoring Members. Please ask for clarification on individual basis if you feel this is of concern.
Once we are all happy with the relationship we offer the opportunity to become a Member.
The advantages of being a Member are many:
· Benefit from the positioning of the first Commercial and Business Funding network in the Uk (established 2006). Benefit from press coverage and national campaigns promoting the premier network.
· Increased Earnings. You share in our Commitment Fee from your clients and the commitment fees from your Associates’ clients in your group. You also benefit from a share of our Professional Fee, and where appropriate we will collect any fee you have agreed with your client that are within our operating limits of reasonable ness and fair practice.* see notes on fees .
· Increased Earnings. By pooling the resources of many Members we can achieve business levels which will enable us to access higher fees from lenders and funders. Once these are achieved they will be passed on to Members.
· Initial and ongoing training and business planning where required
· Assess to unique funding lines.
· Get paid for introducing investors, e.g. investment club arrangements.
· Get paid for introducing funding sources.
· Access to free ongoing Business Building Sessions, development and training workshops and seminars
· The opportunity to earn from sign–up meetings for bfas.org, Associates and other Members clients.
· Assistance with proven marketing strategies
· Discounted Network Fee 5%
· Full Contract The Opportunity to Introduce Associate and Members to the Network, allowing you to share in their successes and income.
· Training in the use of our unique bfas.org analysis tool
· Use the bfas.org logo on your stationery and business cards
· Be kept up to date with up to the minute changes in the Industry
· Most importantly fully benefit from the co-operative nature of our organisation, whilst retaining your independent nature.
We have many years of experience in financial research and case packaging knowledge to draw on, this will benefit those new to the business of commercial and business finances well as those more experience, allowing them to concentrate on finding and servicing clients. We have a systematic approach to processing and a wealth of research avenues to utilize for the benefit of the network. We are like financial engineers, we race tune your cases to ensure they race past the finishing line and pay the commissions warranted.
How do we process your cases.?
When we receive an inquiry, following any initial discussion we will ask for the case to be confirmed by email.
We will acknowledge receipt of the case usually within 30 minutes.
We will record your case on our client management system
We will then ask any further questions needed to allow us develop a solution.
We will then issue the following to whoever is carrying out sign up meeting: ~
· A terms of engagement document that the client signs to ensure the case is not shopped round, and they accept our fee structure.
· An indicative terms sheet giving costs, fees, valuation fees and likely rate along with the items needed to carry out due diligence before submission to funders. For Associates the lender details will not be supplied until the terms of engagement, fee agreement and commitment fee are returned. For Members lenders details will be supplied.
· A fee agreement
· Other case specific documents.
· Commitment fee will be detailed in the Indicative Terms Document
bfas.org cannot progress any case until the above is returned. bfas.org cannot process a case without some access to the client, firstly to ensure money laundering regulations are complied with and secondly to ensure full and correct information is obtained to progress the clients needs. Once the above documentation is received then we will package and submit to the funder.
At all stages we chase the relevant people for Information, documentation and progress, ensure solicitors are instructed and aware of any fee payments they need to make. Clients, Members and Associates will be updated on a regular basis by e-mail. You may be asked to assist in gathering the further information needed for the packaged case.
Fees due are paid in to Member/Associates accounts as soon as received. Funds can be withdrawn at any time given suitable notice. bfas.org will pay out the contents of fee accounts not less than monthly.
In summary bfas.org is designed to be a co-operative network of Independent Business Finance Consultants and aims to ensure everyone benefits from working together.
Everyone must join as an Associate before becoming a Member, but there is no restriction on time to becoming promoted to Member.
To join us Associates are free, Members pay a one off fee of £100 on application a and £500 deducted from your first income (can be flexible on timing).
Please feel free to phone or email if you have not had all your questions answered here or on our web site www.bfas.org.uk. Then simply email us for an Associate application form and a Member Contract when you are ready.
Brian and Bob are always pleased to negotiate if you think you need some option not mentioned above.
bfas.org
Business Finance Made Easy.
THIS OPPORTUNITY IS QUITE UNIQUE IN THE INDUSTRY AND SET UP FOR THE BENEFIT OF ALL WHO JOIN.
Kind regards 
Brian J Haworth Bob Rushton
Notes.
*Fees: Commitment Fee 0.1% (min £500). This is split 50/50 with Members (not Associates) on the following understanding. This fee is non refundable and is charged once we have obtained enough information to enable a Decision in Principle to be obtained and Indicative Terms to be Issued. If we then fail to obtain an offer and all the original information was accurate with nothing, not previously disclosed, emerging from the Due Diligence, we will refund the commitment fee to the client. The Member is paid 50% of this commitment fee in to their bfas.org account, once we are commission safe on this basis. Original Information MUST be accurate and the client will be asked to confirm the information given is correct before being asked for a commitment fee.
Professional Fee. This can vary from case to case. In broad terms bfas.org require a minimum of 0.5% from each case. We are happy to include any fee you agree with the client but if this is more than 0.5% we will mirror the fee (i.e. if you charge 5% bfas.org will charge 5%). In all cases if bfas.org consider that the fees will jeopardise the chances of a case succeeding they reserve the right to reduce the Professional Fee to ensure the case proceeds. The split of this professional fee will be 50/50 in all cases.
Administration Fee. bfas.org will charge an Administration Fee of 0.5% this is not paid out to the Membership, and represents the actual cost of administering a case.
Any Procuration Fees from the funder will be paid 100% to the Member.
ALL FEES ARE SUBJECT TO THE NETWORK ADMINISTRATION DEDUCTION OF 5% (Members) 7.5% (Associates).
Bfas.org reserve the right to refuse membership or rescind membership to any party, company or organization who in our view, is or is likely to, bring the industry or organization in to disrepute without explanation or notice.
‘Try me and prove me…’