A club focused on supporting brokers and networks in the sale of secured loans has been launched.
Steve Walker, managing director os Promise Solutions, has set up the club and says the Secured Loan Club offers brokers all of the services needed to effectively and compliantly arranged secured loans. It has also been established in preparation for the forthcoming regulatory change and to support the growth of the market.
The club offers compliant sales systems, sourcing tools, what it claims to be the largest lender panel in the UK and over 30 years experience placing difficult secured loan applications.
Walker said: “We have been speaking to networks and individual brokers and, when it comes to secured loans, there is a clear desire by most to get the model right going forward. The difficulty for them is choosing a like-minded partner with the infrastructure, experience and systems to support their planned growth in this increasingly buoyant market.
“The regulation of secured loans by the FCA (previously FSA) has been on the cards for years and our planning started in 2006 when I, and a small number of forward thinking loan brokers, wound down the Corporation of Finance Brokers and formed the AFB with AIFA. Since then Promise has spent in the region of £2.5 million developing systems to compliantly sell secured loans with an eye on the future of regulation. Whilst we don’t know exactly how the FCA will treat second charge lending we have assumed that a similar level of diligence in the sales process and record keeping will be required to mirror the mortgage sales process.
“Our ability to source secured loans whilst considering what is important to our clients surpasses any other loan sourcing system on the market and is backed up with a detailed audit trail to protect our partners. Add to that the largest panel of secured lenders, a huge choice of referral methods, longer opening hours and 30 years experience in the sector, it makes the Secured Loans Club the most compelling choice for any introducing broker or network wishing to deal with secured loans in a sustainable and complaint manner.”
Walker added: “Although we also have set up the Secured Loan Network website, there are no definite plans at the moment to offer an AR Network model for secured introducers or packagers as the FCA Guidance is yet to be published. Our technology is suburb and we currently prefer to partner with brokers, networks and packagers to help them easily overlay a compliant secured loan sales process into their current model. However, if the gap in the market is not properly filled we will look at a network / AR solution when the time comes.”
