Broker Groups to Flex Combined Muscles
An interesting one today, five of the largest brokers in the UK have formed a syndicate to give them greater bargaining powers with lenders over exclusive products and increased fees.
The five brokers, Alexander Hall, Chase De Vere Mortgage Management, Cobalt Capital, Hamptons International Mortgages and Savills Private Finance are aiming to produce £10bn of lending through the consortium in 2007.
The club called Concordia, which is Latin for harmony, will be chaired by Andy Pratt, chief operating officer at Alexander Hall, in its first year, although this may be alternated between the others until the group is confident it needs a full time managing director. Concordia is currently in the process of arranging individual meetings with lenders to discuss new terms and contracts.
The deal will not affect the independence of the brokers and is a loose arrangement between the brands, restricted to their own advisers. Concordia also haven’t ruled out accepting new members to the group in the future.
