Simmons & Dadzie launch The Finance Company, a new brokerage backed by Duncan Kreeger
02 December 2022
Nick Simmons is launching a new mortgage brokerage, The Finance Company (“TFC”) alongside Magnus Duke Dadzie. Simmons will become the managing director of the firm, which is backed by serial entrepreneur Duncan Kreeger, founder and CEO of mortgage lender TAB.
As MD, Simmons will be responsible for shaping TFC’s (appointed representatives of Connect) proposition and managing the company’s operations. He will also provide strategic guidance to ensure the business achieves its objectives. On a day-to-day basis, Simmons will maintain introducer relationships, keep service levels high and develop sales training processes and reporting MIs.
Simmons says he is already laying the foundations for TFC, recruiting intermediaries and interviewing a minimum of five candidates every week.
Nick Simmons, managing director of The Finance Company, said: “I have been in finance for the last 17 years — I began my career working for RBS where I worked my way up to managing retail banks across East Anglia. After that, I worked at Capricorn, a large national brokerage, as a sales and operations director. So I’d like to think I have seen both sides of the fence.
"I want to put our clients at the heart of transactions. We’ll do face-to-face meetings and we won’t charge clients to meet us. Our fees will be low. And we’ll offer holistic advice: TFC is whole-of-market, with more than 170 lenders on our panel. That means we will always be able to find our clients the perfect product to meet their needs.
"My vision is to take on a minimum of five additional advisers by January 2023 with another 10 advisers hired by the end of 2023. By then, I want us to be completing 100 mortgages every month. I’m ambitious and I want TFC to grow 40% year on year until we become one of the biggest players in the industry.”
Dadzie, a well-known face in the mortgage industry, will become the executive director of the firm. While Dadzie started his 35-year career in finance as a broker — and has most recently been working as a specialist broker at London Belgravia Brokers — he is best known in the industry as a BDM with Montello, Ortus, Propfin, and LendInvest.
Magnus Duke Dadzie, executive director of The Finance Company, said: “We’ll be looking to help people with auction and bridging finance — as well as BTL, commercial, semi-commercial and residential loans. We will help any broker who is less familiar with the intricacies of specialist finance as well as underserved corners of the market. No job is too large, no loan is too small.”
Duncan Kreeger said: “I have been thinking about acquiring a brokerage for a while. But with people like Nick and Magnus on board, I realised that we could be more ambitious and grow a business organically.”
“TFC is a wholly independent business with necessary measures taken to ensure separation from TAB, such as Chinese walls, in place.”
He concluded: “TFC could be the first of many investments. I am interested in acquiring mature businesses in property and insurance as well as another mortgage broker - and launching more start-ups, too.”
