FR: Tell us about why you decided to launch Clearly?
Having researched the secured loan market, Garry approached Matt and I last year with an interest in creating a new secured lender. Having been brokers for the last 13 years and being actively involved in promoting our industry it made perfect sense to make the move into lending; it creates opportunities for our clients, introducers and staff as well as being an exciting new challenge for us
FR: What do you see as Clearly's unique selling point?
When designing the product we were acutely aware that we wanted to introduce a lender that added to the market, rather than taking business from the lenders we have spent many years building up strong relationships with. Our focus is on clients who may have had difficulties in the past but who have got themselves back on track and have a proven track record within the last 24 months. We are looking to remove some of the barriers that have traditionally been in place whilst providing a robust, sensible product for our clients.
FR: Why do you feel more secured loan lenders are now entering the market?
The secured loan market has always been a fantastic place to be, but there is no doubting that we were battered and bruised during the credit crunch. However, through hard work and determination from the majority of those in the industry, we are coming out the other side with an appetite to lend, grow the industry and ensure its stability. The returns are there to be made whilst being able to create sustainable, usable products for our clients. Its competitive, fast moving and growing so it's an exciting time to be in the industry.
FR: How can brokers access Clearly Loans for their clients?
Very simply. Registered brokers can pass the client's application to Loans Warehouse and we do the rest from start to finish! Brokers can register on our website to get started.
FR: What are your plans for the foreseeable future?
We have funding for the next two years but we will be looking for further investment. As I'm sure anyone else who is involved in a lender knows, creating Clearly Loans took a lot of time and hard work and are aim is very much to be around for many years to come, adapting our products and approach to ensure we remain competitive in what we hope will continue to be a growing market.
FR: With more lenders entering the market and competition increasing what type of products do you think we will be seeing by next year?
I would imagine that as the economy continues to improve and our market continues to grow, we are going to see lenders pushing the boundaries and being creative. Larger loans and increased LTVs are always at the top of peoples' lists but I believe that we will see clever tweaks and niches that become mainstream products in the coming months/years; BTL products are on the increase and becoming ever more competitive, income and expenditure is a hot topic and the reality is that the pending regulation will no doubt have a huge say on the type of business that can be written.
