Last post: Jul 3, 2013
Loans Warehouse, one of the country’s leading secured loan brokers, has today surprised the secured loan market by launching their own lending vehicle, Clearly Loans. Leaning on their own experience in this market and partnering with ex-Investment Banker Gary Monaghan, they have decided to compete for a piece of one of the fastest growing loan markets in the UK.
Loans Warehouse, one of the country's leading secured loan brokers, has today surprised the secured loan market by launching their own lending vehicle, Clearly Loans. Leaning on their own experience in this market and partnering with ex-Investment Banker Gary Monaghan, they have decided to compete for a piece of one of the fastest growing loan markets in the UK. The new lender Clearly Loans will initially focus on smaller loans of between £5,000 and £30,000. The features of these loans are:
- Max LTV of 85% available (75% for ex-council flats)
- Adverse credit more than 2 years old is ignored
- CCJs and Defaults of less than £300 are ignored
- Loans available in England, Scotland and Wales
- Minimum property valuation is £75,000
- Available to both Employed (min 3 months) and Self Employed (min 12 months)
- Drive By and AVMs accepted
- Loan terms of 1 to 20 years
- 3 year fixed rate across all plans
For those meeting the criteria, mild adverse will be accepted. Certainly some of the criteria is market-leading and particularly the ability to lend up to 75% on ex-Council is noteworthy. For now the loans will be available exclusively through Loans Warehouse but through our partnership with them, these loans will also be available to clients of Choice Loans. But the most interesting point here is that this has happened at all. For some time we have been blogging about the growth of the secured loan market and indeed Loans Warehouse's own Secured Loan Index has shown the market volume grow by over 50% in the past year alone, fuelled by inflexible mortgage lending criteria and funding demands from those with Tracker mortgages they don't wish to change. The fact that this brokerage has decided to take such a bold step and put their own (or presumably their investors') money behind this venture is ground breaking for the market and is a manifest endorsement of that same growth Loans Warehouse had previously been reporting. We have to take our hats off to the bold leadership shown by Matt Tristram and Sam Busfield to take this move from the relatively safe environment of broking to the much more risky market of lending. It will be interesting to se in a year or two's time if any of the other privately owned brokerages such as Y3S, V-Loans or The Loans Engine will take such a move. If they do, this will provide more competition to the market and can only be good for the consumer. If you are interested in getting a secured loan then our advisers at Choice Loans can help you. Please either call us on 0845 1260350 or complete our Secured Loan enquiry form here.
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