Business & Economy
North East financier sets up Franklin Commercial Finance
March 13, 2020
A veteran of the North East banking sector has seen his fledgling company, Franklin Commercial Finance, deliver strong growth in its first six months.
Now an independent FCA-approved broker and member of the NACFB (UK trade body for finance brokers), Nic Franklin set up his business having worked for 30 years in the sector.
Nic was formerly a banking relationship manager in the North East property team at Lloyds Bank before setting up Franklin Commercial Finance, which specialises in funding for the property sector.
The company has a growing client portfolio and is celebrating having brokered an eight-figure deal for North East-based businessman and chairman of Ward Trading Group, Andrew Ward.
Andrew has companies in the clothing, property and leisure sectors and the deal will enable him to expand his property portfolio.
Nic said: “Working in an ever-changing financial services market I saw an opportunity to set up my own business. It is an exciting challenge, but I have over 30 years’ experience to call upon, great contacts and I am very fortunate to have quickly developed a growing client list, many of whom I have worked with in the past.
“I have a long-standing relationship with Andrew and by striking a good deal with the funder, I was able to refinance his property portfolio, enabling him to diversify and expand.
“My role frees up the client from having to search an ever growing and diverse finance market for the best deal and the associated negotiating back and forth with potential funders. I understand what they need and act as the middle-man to get the right deal for the client.”
Andrew added: “I have been in the property arena for over twenty years and have built up a relationship with Nic since his days as relationship manager at Lloyds.
“Nic has proved crucial in facilitating and executing the best deals for me. I wanted to refinance to release capital from the existing portfolio to reinvest in new stock and development projects which we are currently sourcing.
“Nic went out to the market to source the best overall finance deal and with his help I can now look to invest further.”