Brightstar Financial’s secured loans division has become the first of Prestige Finance’s key distribution partners to pilot its large loan product.
The product allows loans up to £500,000, up to 65% LTV.
It comes with a rate of 7.5% variable and is available to both self-employed and employed people.
Initial feedback from intermediaries has been very positive, according to Brightstar Financial director, Bradley Moore. He said: “Prestige wanted to gauge the demand for this kind of product before taking it to the wider market and therefore we were delighted to have had access to this market leading large loan product. Having piloted it for the last month and now had our first completion, we know that this is a fantastic opportunity for clients and our broker partners alike.
“It satisfies capital raising requirements at a very competitive rate and of course secured loans give clients access to funds very quickly whilst leaving the 1st charge undisturbed.”
Simon Stern, director of Prestige Finance, added: “Since our launch we have been keen to ensure that not only are our products right but the service that backed them up was first class. The delivery of this product reinforces the commitment of our parent, OneSavings Bank, to the sector and in choosing Brightstar, we were impressed by their knowledge and understanding of the larger loan market.
“The pilot scheme has allowed us to judge the appetite for the product and the quality of enquiries. We have been delighted with the results so far.”