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Prestige rolls out new products




Prestige Finance, the intermediary focused secured loan lender, has announced the second phase of enhancements to its lending criteria since its relaunch in March this year.

 



The latest improvements from Prestige Finance, part of OneSavings Bank, include the introduction of two new products and enhancements to existing plans:

•    Increased LTV to 80 per cent with competitive lending rate;
•    Loans from £75,000 to £200,000 now available up to 75 per cent LTV;
•    Reduced credit score allowing historic arrears, CCJ’s and defaults still to 75 per cent LTV; and
•    AVM’s now accepted up to 65 per cent LTV across ALL standard plans up to maximum loan of £50,000.

The first phase of enhancements by Prestige Finance came at the start of July this year and included streamlining the number of standard plans, reducing minimum size loans and increasing the scope for larger ticket loans.

In August Prestige Finance introduced automated valuation models for loans and drive-by valuations on loans up to £50,000. This week’s changes have seen the LTV available increased from 50 per cent to 65 per cent.

The reduced credit score relays to Prestige’s PF3 plan, which after listening to their brokers, has now been reduced from 400 to 350.

Six months after its relaunch, Prestige Finance has once again become a major player in the thriving secured loans market.

According to Director Simon Stern, the positive way in which the intermediary market has responded is down to the input from its key distribution partners and the support of OneSavings Bank.

He said: “The new criteria provide further significant enhancements to our proposition for intermediaries and their clients. We have also moved quickly to increase our use of AVM’s to speed up the lending process in the wake of concerns over the pressure on surveyors. Yet another sign that we are constantly looking to evolve as a business. The quality of the cases we are seeing, along with the appetite and support of our parent and introducers, make this next step in our journey that much more significant.”

Simon added: “Simon added: “Secured loans are back on the map in a big way. I am looking forward to meeting intermediaries at the upcoming Expos to discuss and demonstrate just how important secured loans are in any broker’s lending options for their clients.”

The Finance Professional Show on the 6th November will see Prestige Finance, InterBay Commercial and Kent Reliance, all exhibit together under the OneSavings Bank brand for the very first time.


By Jason McGee-Abe

 





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