UK’s biggest trade body for commercial finance broker reaches record new heights
LONDON, Thursday 11th January 2024: The National Association of Commercial Finance Brokers (NACFB), the UK’s leading trade body for commercial finance intermediaries, has announced record-breaking growth in its membership for the year 2023. The Association now boasts 2,436 individual brokers, marking an impressive 11% year-on-year increase.
The substantial growth is further highlighted by the number of NACFB Member firms, which now stands at 1,168 – also registering an 11% year-on-year increase. Notably, of the 96 new independent broker firms that joined the NACFB, 63% primarily operate in the commercial property-led sectors. The remaining 37% cater to the diverse business borrowing needs in non-property areas, including leasing and asset finance.
In addition to the 96 independently authorised firms, a further 128 Appointed Representatives (ARs) of networks joined the NACFB in 2023 – of which a quarter (24%) operate in the leasing and asset space.
The latter half of 2023 also saw a remarkable 250% surge in membership applications, demonstrating the growing appeal and recognition of the NACFB. Currently, the Association has a very healthy pipeline of potential new commercial brokers and lenders, all keen to meet the stringent criteria to join the NACFB’s expanding community. In addition to these significant membership increases, the combined total of NACFB Patron lenders and Partner service providers remained stable at 166 organisations.
Paul Goodman, NACFB Chair, shared his vision: “I extend my heartfelt thanks to everyone in our expanding network of finance professionals. Your efforts have been instrumental in our consistent growth. This surge allows the board and I to innovate and introduce new services for our Members, not only enhancing their business prospects but also elevating the stature of commercial intermediaries across the industry.”
Echoing this sentiment, Norman Chambers, NACFB managing director, highlighted the Association’s goals: “The NACFB embraces a wide spectrum of financial specialties, mirroring the varied needs of UK’s business borrowers. We are steadfast in our mission to position our Members as modern day bank managers, a goal that is not merely aspirational but well within our reach, thanks to our collective efforts and dedication.”
The trade body is due to publish new industry findings early next month outlining membership activity across 2023, including broker-led transactional and sentiment data.
The NACFB invites commercial finance brokers, lenders, and suppliers who wish to be part of the growing and influential body to apply online.