(via Mortgage Introducer)
Brokers are missing out on filling a sizable protection gap in the commercial lending space compared to residential, both anecdotal and statistical evidence suggests.
The NACFB estimated new commercial lending to reach £727m in 2015 compared to £209m for residential as calculated by the Council of Mortgage Lenders.
But despite the size of the market Andy Coles, business director of SME insurer Lutine, reckoned business loan protection isn’t treated the same way as income protection by commercial lenders.
He said “Anecdotally we have seen no rise in the level of business protection sold since 2011 and brokers are largely missing out on this opportunity despite knowing their clients and businesses well.