Promise has added another secured loan product to its sourcing platform.
The latest offering is available on limited distribution and is aimed at high LTV borrowers who may have failed to obtain an unsecured loan.
The master brokers says the product sits in the market between Shawbrook and Nemo, which both lend up to 85% LTV, and Promise’s other higher LTV lenders such as Evolution and First Stop Finance.
The maximum loan amounts are higher than with other products, with published terms up to £15,000 although loans up to £20000 and 99% LTV will be considered on a referral basis.
“This new lender, Lesley Stephen & Co, fills an important Niche for borrowers with insufficient equity to get a loan from Nemo or Shawbrook,” said Steve Walker, managing director of Promise Solutions.
“The rates available are significantly lower than other high LTV lenders and loan terms are available up to 180 months on referral.
“Provided borrowers have an excellent mortgage profile (although some arrears may be considered with an acceptable explanation) borrowers with some historic unsecured credit problems can be considered at rates and repayments not previously available to the wider broker market.”