Investors use bridging to finance bargain basement buys

Brokers have seen a 200% increase in demand for bridging finance in the last nine months as investors have been seeking bargains at auctions and through other distressed sales.
A number of smaller bridging firms have had to withdraw because of a lack of funding over the past year. However, unlike the mainstream market, the main [...]

Elephant’s broker quits

SVS Securities plc has resigned as the Elephant Loans & Mortgages Plc’s broker with immediate effect.
On 1 September, Elephant Loans & Mortgages plc announced to the Stock Exchange that negotiations to undertake the previously announced proposed reverse takeover have now been terminated.
In March, the embattled master broker said it would be joining broker network FT [...]

Orbiter unveils mortgage and secured loan comparison service

Orbiter, the new online sourcing and compliance service from Orbiter Group, is to enable advisers to compare mortgages and secured loans.
Pete Thomson, sales and marketing director at Orbiter Group, said: “Advisers are used to being able to source mortgages and secured loans, but to be able to compare them to each other is something we [...]

FSA issues warning on Leicestershire adviser

The FSA has issued an alert to consumers not to take mortgage or financial advice from Swati Patel from Leicestershire firm Mortgage Deals 4 U Ltd. Ms Patel is currently under investigation by the Leicestershire police.
In a statement, the FSA says: “We strongly advise customers not to take mortgage or financial advice from Swati Patel [...]

Mayfair offers below market value bridging product

Mayfair Bridging has launched a new product called BMV Bridge.
It is designed for below market value (BMV) purchases and offers 100% of the purchase price within 65% LTV for investment residential property and 60% LTV for commercial property.
Director Shoaib Bux said: “BMV Bridge takes advantage of the discount received on a property purchase and offers [...]

Portfield adds unsecured lender to panel

Portfield Loans & Mortgages has added unsecured lender FLM to its panel.
FLM offer unsecured loans up to £3,000 to clients struggling to get credit, providing a guarantor for the loan is available.
Mark Stringer, managing director at Portfield said: “As lenders continue to withdraw from the secured loan market and restrict their criteria, we have seen a [...]

Guardian Homeloans ups broker commissions

Secured loan broker Guardian Homeloans has launched a 55% commission share initiative for UK intermediaries, brokers and introducers.
Ian Hesketh, managing director of Guardian, said: “The market needs a kick start and those currently operating in the mortgage and financial services sector will be finding it particularly difficult to make ends meet with reduced lenders, customers [...]

MBL adds debt calculator to sourcing system

Mortgage Brain has unveiled a new Debt Consolidator Calculator as part of Mortgage Brain 6.70.
It provides intermediaries with the ability to compare the continuation of short term loans and mortgage payments against the potential monthly savings by consolidating all loans.
The debt consolidator calculator will pre-populate data already inputted and automatically calculate all payment options for [...]

Loans etc attacks Loan Option’s relaunch

Graham Brent, managing director of Loans etc, has begun a war of words with Andy Moody, managing director of Loanoptions.co.uk, over his plan to relaunch the business as Loan Options under the Merchant Business Finance brand.
Brent says putting Loanoptions.co.uk into administration and then transferring its assets to Merchant Business Finance is a smack in the [...]

First European Securities makes secured loan comeback

First European Securities has re-entered the secured loan market four years after it withdrew.
The lender is distributing its products through a panel of ten introducers, including Broker-Support.
Its range includes unlimited adverse loans from £3,000 to £25,000, available up to 65% LTV, including fees and PPP, plus self-cert loans up to £40,000.
Nick Barron, director at First [...]