Collective Mortgage Network which is a new regulatory umbrella network for mortgage and protection brokers
Launched in October 2020, a new mortgage advice and protection network has been designed to help intermediaries offer traditional mortgage advice and protection business but also be supported in providing clients with bridging and development finance advice.
Collective Mortgage Network is part of UK Financial Consultancy Services (UKFCS) which has been directly authorised by the FCA since 2006 and has built its business through a combination of traditional mortgage advice and specialist bridging and development finance business. This combined approach allows the business to build a base of income from everyday mortgage advice and then enhanced income from the specialist advice to provide greater commission percentages, the network said.
Danny Carter, founder and MD of Collective Mortgage Network, decided to launch CMN to help support other advisers who wanted to operate across the entire property finance spectrum and not be constrained to just providing traditional mortgage advice.
Carter said: "Most networks only support their advisers with traditional mortgage advice due to the specialist nature of bridging and development finance and the increased compliance implications this brings, especially around PI insurance. We have been operating in this space since 2006 and are in a position where we can help other advisors work across the whole property finance market which we believe makes us a unique proposition for advisers."
Having worked in Barclays Bank plc for over 10 years, Carter left to set up his own brokerage in 2011 before joining UKFCS and launching Collective Mortgage Network.
Paul Dukes, head of business development for Collective Mortgage Network, has recently left Barclays after over 30 years of service in both retail and commercial banking. He said: "When I left Barclays I was looking for a new challenge and knew Danny had been having great success with his model of combining traditional mortgage advice with specialist commercial finance. When Danny shared his vision for Collective with me, I felt that supporting other advisors who want to offer more than just mortgage advice and expand into the commercial finance space is an exciting proposition for all concerned."
Carter added: "For many advisers, they have their own clients who need specialist commercial finance but existing networks don't typically allow you to do it. Others may want to learn more about commercial finance and start to offer it as a product."
As well as FCA authorisation and CRM access, the Collective Mortgage Network offers adviser commissions of up to 1.5% of loan value.
