COMMERCIAL FINANCE Knowledge Bank adds free tool in light of COVID-19 Knowledge Bank has introduced a free tool for brokers, which is designed to help keep track of lender Covid-19 criteria changes. The tool has been created by the bank to aid brokers in accessing the information they need to best equip them to deal with the volume of enquiries that they are receiving from their clients. It will be updated in real time by the lenders themselves as they announce further policy changes. Lender’s stances on buy-to-let mortgages will also be added to the tool by the end of the week. Nicola Firth, founder and CEO at Knowledge Bank, highlighted the bank’s commitment to support brokers and lenders in these “demanding times” and hopes to do everything possible to keep “advisers advising”. Bridging and Commercial Recognise Financial Services optimistic over banking licence Phil Jenks, chairman at Recognise Financial Services, has said that he is optimistic that it will receive its full banking licence by the end of 2020. In an interview with Bridging and Commercial, Mr Jenks claimed he remained confident that the company would receive authorisation with restrictions in H1 2020 and a full licence by the end of the year. Once it receives its banking licence, Recognise will look to offer asset-backed loans to SMEs, including bridging and commercial loans. Finance for working capital, commercial property acquisition/refinance, professional practices and refurbishment will be included in its commercial offering. Bridging and Commercial Experian AML and credit reports for brokers launched by eKeeper eKeeper has launched its Experian-powered integrated anti-money laundering (AML) and consumer credit reports into its broker customer relationship management (CRM) system. The CRM programme allows new and existing eKeeper users to obtain an AML check and consumer credit report using existing lead or case information. All data and PDF documents are returned back to the CRM for review once the broker receives the AML check and credit reports on their clients. Mortgage Finance Gazette Online Financial Reporter Rush to recover P2P investments Peer-to-peer lenders have reported a surge in demand from investors who want to withdraw their funds in response to the coronavirus pandemic. The platforms, which are responsible for billions of pounds of lending to small businesses and consumers, have responded with a combination of warnings to users to expect longer waiting times and freezing withdrawals. Ratesetter said it had “not been able to process requests as quickly as usual”, whilst retail investors using Funding Circle reported it is now taking months to sell out of their lending positions. Assetz has frozen withdrawals, Growth Street said that it was doing the same as it was dealing with an “unprecedented volume of investors requesting withdrawals”, and Zopa said: “loan sales are taking longer than average” and in common with other asset classes “we have seen an increase in the number of requests to withdraw money.” The Times NACFB & PATRON NEWS NACFB holds talks with British Business Bank ahead of next week’s CBILS launch The NACFB team joined a stakeholder partners call with the British Business Bank (BBB) yesterday to discuss their efforts ahead of the official launch of their Coronavirus Business Interruption Loan Scheme (CBILS). Full details are embargoed until the beginning of next week, but the efforts willl form part of a wider group of measures announced by the Treasury and the Bank of England. CBILS will run along similar lines to the Enterprise Finance Guarantee (EFG) scheme, the key differences will be that the Government will also cover the first six months of interest payments, so businesses will benefit from lower initial repayments. The maximum value of a facility provided under the scheme will be £5 million (the original announcement suggested a maximum value of £1.2 million). The full list of accredited lenders and partners, including the NACFB, can be found here – we encourage all of the Association’s brokers to partner with the Patrons on this list. NACFB, Coronavirus update BBB welcoming lender applications for CBILS accreditation Representatives from the British Business Bank (BBB) confirmed to the NACFB yesterday that they are still accepting lender applications for their Coronavirus Business Interruption Loan Scheme (CBILS). Whilst they remain in the process of defining and agreeing the scheme’s details, specifications and eligibility will entail, applications are being accepted and we encourage our lender Patrons to explore the scheme. Interested funders can download a guidance document here , and complete an Expression of Interest Form here . Once filled in, applications should be submitted to the BBB EFG Accreditation mailbox . NACFB, Coronavirus update NACFB triples advertising spend for findSMEfinance broker platform The NACFB has tripled all paid-for online advertising spend for its findSMEfinance platform, part of a proactive campaign that seeks to enhance national awareness of the Association’s brokers, positioning them as a lifeline for coronavirus-stricken SMEs. The findSMEfinance platform has also undergone a brand refresh in a further attempt to increase visibility. Since its launch last February, nearly 400 NACFB brokers have signed-up to the lead generation platform.Bank of England cuts base rate and orders £200bn printed

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