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Midshires moves into commercial lending

Birmingham Midshires is setting up a commercial lending operation targeting the business-to-business market in a bid to set itself apart from its parent company.

The Halifax-owned business aims to quadruple its commercial assets to £2bn from just over £500m within five years.

Midshires says this move will make it the sole provider of commercial loans which is worth up to £10m to the Halifax group. It will focus on mortgages of between £100,000 and £10m for business properties.

Midshires is looking to increase its profile in the IFA market. It says its commercial lending offers will attract IFAs as they can provide their clients with similar terms on Midshires commercial mortgages to mortgages on homes.

The new operation will mean the appointment of 30 regional development and account managers with the aim of targeting clients nationwide.

Midshires says it also intends to bring out a range of specialist products.

These are expected to include packages for city centre residential investments and new offers aimed at property investment companies.

Commercial head Peter Townsend says: “We are hoping to increase our association with IFAs and this new venture means IFAs will be able to offer more choice to their clients.

“We are intending to provide expertise in niche areas which are not currently offered by other Halifax-owned companies. We are looking to expand into the buy-to-let market and to offer centralised loans. But we will still maintain a full presence in the popular mortgage market.”

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