Wesleyan Bank has launched a new service for finance brokers as it expands its commercial loans business in the legal and medical professions.
Birmingham-based Wesleyan, part of Wesleyan Assurance Society, is a mutual financial services specialist for doctors, dentists, teachers and lawyers.
Currently, the bank offers commercial loans through its own direct sales force, but has decided to extend its reach through brokers as part of its ongoing growth strategy.
Brokers will be supported by a dedicated account manager to ensure lending decisions can be made quickly and usually within a maximum of 48 hours. They will also have access to a calculator to allow them to calculate interest rates and associated repayments on a loan and the commission they will receive.
Steve Deutsch, managing director of Wesleyan Bank, said: “Our aim is to get 20% of our commercial loans business through brokers and we have had a great response from them so far.
“We want to make the relationship as easy as possible and so developing personal relationships and providing a bespoke service will be key to our success alongside our ability to make quick decisions.”
Wesleyan’s commercial loans service provides customers with access to funds for business-related needs such as tax payments, Professional Indemnity Insurance payments, equity purchase or practice refurbishment.