Introducers can now quote secured loans from 19 lenders using the Promise online sourcing portal, double the number of lenders offered on most other sourcing systems.
TFS provide loans to adverse borrowers with recent credit problems, especially those who need finance without resorting to payday lenders. Loans are available even when the first mortgagee won’t consent to a second charge and there is no automatic requirement to pay off outstanding mortgage arrears from the proceeds of the loan if the borrower is in an arrangement.
Provided there are no mortgage arrears, defaults or CCJs registered in the previous 6 months, TFS will lend £20,000 up to 75% LTV and up to 65% LTV if the adverse credit is more recent. Second charges are also available on BTLs and flats above commercial property plus, unusually, behind virtually any first mortgagee including subprime lenders which others avoid. All loans are available in England, Scotland and Wales.
Steve Walker, Managing Director at Promise Solutions said:
“Every new lender we can provide to our brokers gives them a further opportunity to satisfy the needs of their existing and new client base. Whilst the new TFS product is not as mainstream as the likes of Shawbrook and Nemo, we know that thousands of borrowers are being drawn towards payday lenders through lack of choice and knowledge of what is available.
"By seriously considering the specialist lenders such as TFS, Equifinance, Evolution, 1st Stop and others, brokers can attract and better serve prospective borrowers now, whilst building up their client bank for the future.
"Promise is committed to support such brokers with the widest choice of loans - we have nearly 30 years expertise plus a compliant sales process. However, it still baffles me that so many remortgage brokers do not recognise the importance of secured loans as an income stream and means of attracting more customers. Any broker with a long term strategy should recognise that today’s secured loan customer is tomorrow's remortgage."
