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New lender aims at subprime market
Kevin Cooke’s new secured lender, Finsec Limited, is aiming its criteria at more of the subprime end of the market.
Loan Talk exclusively announced the launch of the new lender last week, which was set up by the founder of Equifinance and investors, bringing together a number of secured loan portfolios into Finsec Limited.
Finsec’s criteria is aimed at the subprime end of the secured loans market, but does seemingly beat existing lenders on the combination of interest rate, LTV and maximum loan amount - specifically on loans up to £30,000.
The new secured lender will accept a different risk profile which immediately sets it apart from other lenders by virtue of lower rates and higher LTVs than currently available to borrowers with similar profiles.
Managing Director Steve Walker of Promise Solutions, which is one of the initial partners of the new lender said: “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.”
By Jason McGee-Abe
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