Rejection is a daily prospect facing intermediaries, where despite this, a recent study revealed that 10 per cent of brokers surveyed would walk away from a client who was not ‘high street ready’.

And, according to this same research, published by Kensington Mortgages, complex cases are on the rise, with the same set of Openwork brokers charting that on average, five of their clients a month do not fit standard lending models.

So, B&C has quizzed four figures within the industry to define what steps brokers should take when an initial application for finance is rejected.

Zed Lorgat of JM Financial clarified that it’s important for the introducer to attain why the case was rejected for future reference, he added: “Rejection can be either for many reasons or for one main reason that a particular lender doesn't like.

“Hence a broker must always ask the rejecting lender exactly what it is that doesn't suit or they didn't like about the case”

Additionally, it’s important to ensure that your client has told you the whole story in regards to the deal so you may need to re-gather the facts.

On this matter, Martin Powell, Managing Director of Heron Way Consultants stated: “In my world of development finance I have a low decline when I send a case to a lender as I try to find the facts behind a case.”

“The largest single cause of declines in my experience is non-disclosure of information from the client (or in many cases the introducing broker).”

Whilst not agreeing on all points, all four interviewees did largely agree that brokers shouldn’t give up at the first hurdle.

Russell Martin, Director of leading Birmingham based distributor Finance 4 Business, believes that companies like Finance 4 Business can support brokers experiencing challenging circumstances.

Russ said: “In the main with a market such as it is now, a broker experienced in the nature of the deal should experience few declines unless of course the client has not been wholly accurate with the information provided.

“In light of the imminent increase in regulation it is essential that the correct lender proposition is chosen to match the client’s needs.

“Scrutiny of our business shows that more brokers are outsourcing their specialist finance requirements to the likes of Finance 4 Business to ensure their clients receive a whole of market service delivered by experienced specialist staff whilst having the peace of mind that a full audit trail of the case is maintained in its entirety.”

Russ’s views were echoed in part by Brunel Mortgages Managing Director Rob Derry, who clarified that the diversity of a master broker’s lending panel is usually sculpted to deal with varying issues which may trip up brokers.

Rob claimed: “The way Brunel works is that our lender panel is set up entirely to help brokers where they can’t place the deal through their usual channels whether that is the High Street or other lenders that they normally use.

“Our advice to brokers is to give us a call and talk the deal through in its entirety.

“If we can understand the requirements of the client we may have a lender that will do it as the deal is presented to us, or there may be another way of looking at it using alternative security or additional applicants etc."