Secured loan lender Clearly Loans has enhanced its lending criteria.
The lender was launched by Sam Busfield, Matt Tristram and Garry Monaghan back in July 2013.
Busfield and Tristram are also the directors of secured loan master broker Loans Warehouse, while Monaghan is a former investment banker, having most recently worked as European Head of Flow Rates for BNP Paribas.
Busfield said: Three months in and things are going well. We’ve been able to make sure that the systems and criteria are fit for purpose, are easy to use and are giving the clients the best end result.
“We have spent 12 months setting up Clearly Loans so it has been great to finally start writing business – and we’re keen to do more.
“Having had access to all secured lenders, Clearly’s criteria was designed to fill the gaps that would lead to volume business, not to us becoming a niche lender. We feel we are achieving this, particularly with the enhancements we’ve made.”
Since launch, the maximum loan has increased from £30,000 to £50,000, the minimum valuation required at 85% LTV has reduced to £100,000 from £125,000 and Clearly Loans will now accept contract workers.
Additionally, they will now accept properties with solar panels.
Busfield added: “However, arguably the most important thing to remember is that we are flexible. We have control over the applications so if it makes sense we are happy to look at it.
“Recently we’ve accepted an enquiry for £120,000, a self employed client at 84% LTV and a client whose income is partially derived from overseas employment.
“Clearly Loans is new to the market but we’re not – watch this space for further enhancements over the coming weeks/months.”
