Why do banks cut their lending fees significantly for IBC’s clients?
There are three main reasons. First, we ask them to reduce their lending fee by whatever amount they would normally expect to pay any other introducer who referred a client to them. Second, we put them in competition with other lenders, so they need to be as competitive as possible to avoid losing out. Third, most intermediaries who introduce customers to banks don’t have first hand lending experience themselves – leaving banks with a great deal of work to do in assessing each proposal, analysing all the supporting information, structuring the lending and deciding on the terms & conditions. IBC, however, deal with most of the banks’ requirements as part of the work we do, so the bank doesn’t have to do all the work and can reduce its fees even further. All these are partly the reason why our approach is so cost effective for borrowers.
