The Financial Intermediary & Broker Association and Association of Short Term Mortgage Lenders have confirmed the structure of their commercial property finance education programme, to be launched later this year.
FIBA and the ASTL say they are working with the London Institute of Banking & Finance on a series of optional e-learning modules that will cover bridging, short-term finance, development finance and specialist buy-to-let. Completion of the modules will be recognized by the award of an LIBF digital badge and continuing professional development accreditation.
The bodies say the purpose of “the programme is to raise professional standards within the specialist property finance industry, improve understanding of the roles played by brokers, lenders and other professionals throughout the life of a loan, and to provide agreed levels of knowledge set by the industry as a base standard to provide customers with the best possible outcomes at all times.
“The programme will help ensure that candidates are able to define and explain different fundamentals of specialist property finance, including how it fits within the wider mortgage sector, and to identify and develop key learner skills.”
The 10 modules in the programme cover:
· Overview of specialist property finance
· Basic knowledge of the constitution of a business – PLC, LLP, sole trader etc.
· Basic lending structures
· Risk and regulation
· Other parties involved in a specialist property finance transaction
· Bridging loans
· Development finance
· Commercial finance
· Buy to let mortgages
· The practical application of specialist property finance
FIBA and the ASTL say they are currently appointing authors for each of the modules and will launch the scheme at the ASTL annual conference in London on 20 October.
ASTL chief executive Vic Jannels says: “We have been working alongside our colleagues at FIBA for over a year now to build support and plan the details for such a programme, and being able to confirm the framework is an important milestone.
“We believe that the outcomes of the programme will provide advisers with a more holistic understanding of the whole process and make the borrowing experience more comfortable, and less mysterious, for consumers.
“We won’t be insisting that our members only work with brokers who have been through the programme, or that brokers only work with lenders whose employees have completed the course, but we want to encourage engagement across the industry, not just as a one-off participation, but as part of an ongoing environment of continuous learning.”
FIBA executive chairman Adam Tyler says: “Confirming this framework is, I believe, an important moment for our industry. I have been involved in education for our sector for many years and this programme is successfully building upon a previous groundwork to deliver a collaborative initiative that is recognised as the definitive learning programme for commercial property finance.
“Working in conjunction with the ASTL and the London Institute of Banking and Finance, we have now developed the essential framework for the programme and we are now appointing authors for the modules, which will help us to deliver the right outcomes to participants, and ultimately to customers.”
