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V Loans pulls out of second charge market

Second charge master broker V Loans has just announced it has withdrawn from the second charge and bridging markets.

The announcement follows the implementation of the Mortgage Credit Directive in March this year, which has seen the second charge market undergo a significant transition.

Marie Grundy, managing director of V Loans, commented: “While clearly we are saddened that our time at V Loans has come to an end, both Dave Pinnington and I are very proud to have served our loyal intermediary partners over the last nine years, during which we have developed excellent working relationships with an array of leading intermediary firms, networks and lending partners to offer high-quality advisory and packaging services within the specialist lending market.   

“We would like to thank all our partners and our staff, who have provided us with immense support over the years, and wish them all the best with their future endeavours.”

V Loans will now be focusing on working closely with its customers, introducers and lending partners to facilitate a smooth closedown of the business. 

Commenting on the closure, Tim Wheeldon at Fluent for Advisers said: "The loss of V Loans will be strongly felt by the market as Marie and David both represented the sector with distinction.

"However, I am sure this is not the last we shall see of them and we wish them both well for the future."

Gary Bailey, sales director at Together, commented: “We were sorry to hear that V Loans will no longer be operating within the sector.

“Marie, David and their team are highly regarded and respected across the industry.

“They certainly made a success story by launching their business at the most difficult time the industry has experienced, building such a good model that they were acquired by Key Retirement Solutions.

“So, it is sad to hear that V Loans is now withdrawing from the market.

“Together certainly wishes the team at V Loans our very best wishes for the future.”

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