Finsec’s criteria is aimed at the subprime end of the secured loan market but beats existing lenders on the combination of interest rate, LTV and maximum loan amount - specifically on loans up to £30000.
Steve Walker, managing director of loan master broker Promise Solutions commented:
“New secured lenders are queuing up to enter the market and many will fight for the same space which will make it difficult to differentiate themselves. Finsec will accept a different risk profile which immediately sets it apart from other lenders by virtue of lower rates and higher LTV’s than currently available to borrowers with similar profiles. Finsec criteria has been loaded to Lenderquote, the sourcing and packaging system, so is now available to Promise introducers and Lenderquote subscribers with immediate effect.”
Walker added:
“The Finsec products will be of particular interest to self employed borrowers who don’t have up to date accounts as well as borrowers who have experienced credit problems in the past and now need a helping hand to reorganise their finances or raise additional capital. Finsec is one of three or four new lenders Promise expects will come to the market over the next month or so which, between them, will add new lending opportunities in the Prime, Near Prime and Sub Prime sector of the second charge market. "
