Colonial Secured Loans has reported that it has just completed Shawbrook’s largest ever secured loan of £500,000.
This follows on from having completed Nemo’s largest secured loan of £200,000 last month.
Colonial has also this month completed a £100,000 buy-to-let second charge loan with Blemain.
Mark Fry, managing director of Colonial Secured Loans, said: “Introducers are becoming more aware of the many situations when a secured loan should be considered. There are at least 10 areas to consider a secured loan with the main reason being where a client is already benefitting from a low SVR or base rate tracker and can’t remortgage to an equivalent or lower rate.
“Apart from introducers becoming more aware of the areas to look at secured loans, the lenders have a strong appetite to lend which is reflected in recent figures from the Finance & leasing Association which confirmed that new business has grown 26% in the first quarter of this year. We are finding that although a number of cases do not fit the lenders published criteria, if the client is clearly benefitting from the loan and more importantly they can afford it, then our lenders often take a positive view.
“On another positive note I am delighted to say that we have been chosen as one of only four brokers who are able to offer Prestige Finance’s Large Loan product range (loans from £100,000 to £500,000) offering a rate of only 7.5% per annum variable.”
Maeve Ward, head of sales of secured lending at Shawbrook, added: “At Shawbrook we have a constant appetite to lend and we work closely with our broker partners to try to find the best solution for the client. Our approach to lending has always been flexible as we assess each case individually, which enables us to understand the needs of the client.
“It has been a pleasure working with Mark and his team on this deal, our largest secured loan yet and with the secured market opening up, we look forward to working together on further opportunities.”