FR: What have been some of The Loans Engine’s key milestones in the last year?
The company has operated in the secured loans market for over 25 years and over that period, we have brokered in excess of 100,000 loans totalling more than £2.2bn but it’s the last 12 months that have been the most exciting time for us. In the last month alone we have strengthened the team with many new appointments and in March we celebrated our best month for over two years.
Our continued strength has enabled us to forge some key partnerships, most recently with SimplyBiz Mortgages. Our partnerships have always been important to us as they highlight our reputation as one of the most respected and trusted independent secured loan brokers in the UK.
FR: What does the coming year hold for the Loans Engine?
Growth, growth and more growth. These are challenging times and we want to help brokers understand the opportunities that exist for them in the secured loans market. We have many plans for the sourcing system: streamlining the process and adding new features, which will make it much easier for brokers to identify these opportunities.
FR: Secured lending has seen a strong 12 months – do you think this is set to continue, and why?
Without a doubt. Though there’s still a gap between where it was then and where it is today, we’re definitely edging back to the glory days as more intermediaries are beginning to realise that secured loans are an attractive alternative to a re-mortgage.
New lenders are rumoured to be joining the industry this year and if you couple that with the constant innovation from the current lenders who continue to enhance product ranges and extend their services, we can look forward to seeing the secured loans market reach record breaking figures once again.
FR: What advice would you give to anyone looking to start up in the industry?
Go for it! The industry is really picking up and there are loads of opportunities. Product knowledge is key so that you can offer a range of alternatives to your customers.
FR: What impact do you think regulation will have next year?
We welcome the upcoming changes to the credit industry with next year’s move from the OFT as regulator to the FCA. A more robust regulatory regime will ensure a level playing field and provide better protection for consumers. Treating the borrower fairly is at the heart of our business and any move to strengthen that approach by the whole industry can only be a good thing.
FR: If you weren’t in the financial services industry, what would you be doing?
I would be retired after 22 years of serving Her Majesty’s Royal Navy. Living in my cottage overlooking Lake Windermere, well and truly out of the rat race.
Richard joined the group in October 2012 to spearhead the ambitious growth plans within the Intermediary sector. Having worked within financial services for over 20 years, predominantly dealing with large distribution groups, Richard is well placed to develop the necessary relationships and explore new opportunities to grow this exciting market in the broker space.
