Anyone that knows us will be aware that we have made it our mission to raise the profile of the secured loan industry. We no longer want to be the poorer relative of the mortgage lenders and brokers; we believe we have an equal standing and last week went some way to prove it.
Kick starting the week was our delivery of the first offer for the long awaited Masthaven Secured Loan product. Since February 2012, when the appointment of Stuart Aitken was announced, the industry has been eagerly waiting to see what the specialist bridging lender with such deep pockets would bring to the second charge market and we have not been disappointed.
Next came the biggest news of the week from The Blemain Group, which incorporates Blemain Finance, Lancashire Mortgage Corporation and Cheshire Mortgage Corporation, that had secured a £640m three-year banking facility to contribute towards funding its existing business and to provide a platform for its future growth. A funding line of this size is the greatest sign yet of growth in the industry.
Last week saw the sector’s profile amplify when secured loans were even discussed in the national press! The FT ran a story on the recent Government announcement that it intends to relax planning permission in addition to provide affordable housing and provided very good news for both secured lenders and brokers. It’s no secret that mortgage lending is still unachievable for many borrowers, so alternative options have to be investigated and the secured loans, with rates from 6.9% on loans up to £125,000, are a real alternative. A point which was raised by Sam Busfield in Saturday’s edition of Your Money in The FT, to read the full article http://www.ft.com/cms/s/0/777e244e-f8d9-11e1-8d92-00144feabdc0.html#axzz25yONBSza
Continuing to build on last weeks news, we are proud to announce launch of a dedicated website for the successful Secured Loan Index.
I am hoping you have all read the secured loan industry’s statistical model, brought to you by Loans Warehouse. The index, which delivers a monthly analysis of actual lending figures, using information provided directly from all the main UK lenders, is the first of its kind in the second charge industry and has been welcomed by many within the secured loan sector.
Watch out for August’s edition of the Secured Loan Index, out 20th September- a full month before the FLA release their figures.
Matt Tristram is a Director of Loans Warehouse