A new secured loan lender, Clearly Loans, has launched today.
It will offer loans from £5,000 to £30,000 to customers in England, Scotland & Wales with mild adverse credit up to 85% LTV.
The founders and directors of the Cleary Loans are Sam Busfield and Matt Tristram, directors of secured loan master broker Loans Warehouse and former investment banker Garry Monaghan.
Monaghan has over 24 years experience in investment banking, most recently as the European head of flow rates trading at BNP Paribas.
Tristram said: “Garry approached us early last year with a desire to lend and over the past year we’ve worked hard at designing a product that offers something unique to the secured loan market.
“All products are available on variable or fixed rates with a maximum LTV of 85%, which takes us above the majority of the existing lenders in the market.
“We will focus on customers recent credit activity and we won’t punish borrowers for historic adverse over 24 months or under £300. We will also lend up to 75% LTV on ex-council flats in England, Wales & Scotland which is market leading.”
Tristram added: “We have funding secured for the next two years and will be seeking further investment in due course but for today we’re looking forward to writing our first secured loan with Clearly Loans.”
Monaghan added: “I was attracted to the secured loans market because it offers attractive returns for investors but at rates that also make economic sense for borrowers.
“The market has a solid reputation and it is large enough to enable us to build a good size lending business.”
The products will be available exclusively through Loans Warehouse.