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Exclusive: Prestige completes £300k deal
Loan Talk can exclusively reveal the details of a recently completed £300,000 secured loan between established lender Prestige Finance, part of the OneSavings Bank plc group, and Brightstar Financial.
Both firms agreed a £287,000 deal secured on a London property, marking another completion under the large loan range – a scheme Brightstar was exclusively the first to pilot - which facilitates loans for up to £500,000 and was launched in mid-May.
The loan, secured on a residential property in London, was borrowed by a single mother, who intended to complete a series of substantial home improvements and consolidate some debt.
The borrower secured the loan at an LTV of 54 per cent, after she attained a high credit score of around 500 after not having any missed payments.
The client, a single mother, had received a large divorce settlement and as a result receives substantial maintenance payments.
This was enough proof of affordability for the loan to proceed.
The borrower has a particularly good deal on her first mortgage with Woolwich and she did not want to lose it by remortgaging, so she applied for a secured loan to keep her interest-only status.
Simon Stern, Director of Prestige Finance, said: “The income evidenced in this case was a little unusual in that it was regular maintenance payments which were proven in the form of bank statements and sight of the court order, therefore there was sufficient proof of affordability.”
The loan proceeded very quickly despite some legal issues, which were resolved quickly and collectively with Brightstar and the borrower.
The loan was completed at a variable rate of 7.5 per cent and was written as a regulated agreement under the Consumer Credit Act.
Simon added: “We all worked collectively; the onus is never just on the broker. Prestige played an active role working through the legal complications to ensure that the loan was completed efficiently. The Prestige team and our solicitors contributed hugely in getting this case over the line.
“It was a pleasure, as always, to work with Bradley Moore and his team at Brightstar. Special thanks must go to Richard Barham for the work he put into the deal.”
Bradley Moore, Director of Secured Loans at Brightstar Financial, said: “This particular case came with a number of challenges that Brightstar worked closely with Prestige Finance to overcome, the very nature of larger secured loans can also mean that there can be added pressures with regards to timescales and this case was no exception.
“Brightstar see the large loan market as their bread and butter and so were able to work to a satisfactory completion date for the client, the end result being that we completed our largest loan to date with Prestige and finished with a satisfied first time introducer and importantly a very happy client.”
Large Loan Plan:
• Minimum loan size starts at £75,000;
• Maximum loan is £500,000;
• Variable interest rate of 7.5 per cent; and
• New interest rate reduced to 6.5 per cent on LTV below 50 cent.
Prestige Finance’s Large Loan Plan has been now been rolled out to six brokers.
By Jason McGee-Abe
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