Market forces blamed as Savills axes SLS
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Market conditions were blamed for Savills’ decision to close its specialist-lending unit Savills Lending Solution last week.
Mortgage Strategy revealed on August 9 that SLS staff had been placed in consultation.
Rob Jupp, formerly managing director of Personal Touch Packaging, joined Savills in September 2008 to launch SLS.
But in December 2009 all eleven staff members at the packager were placed into consultation, which at the time was blamed on a lack of funding and lenders withdrawing from the market.
Jupp says: “It’s a sad day for the people in the business - market conditions continue to be very depressed in the specialist market and unfortunately this culminated in today’s decision.”
He also emphasised that all outstanding proc fees would be paid.
Rumours continue about Jupp’s next course of action but he told Mortgage Strategy that for the time being he was planning on spending time with his young family.
Readers' comments (6)
David Penny, PFC Mortgages | 27 Aug 2010 12:16 pm
Decent guy, been a pleasure to work on projects with him over the years & I hope it will not be too long before our paths cross again ...
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doom & Gloom | 27 Aug 2010 12:27 pm
The packager is dead. There are still some who claim they are packagers in the faint hope of a return to the good old days - but they must accept its over.
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Steve Rodley | 27 Aug 2010 12:51 pm
By "market forces" do they mean ridiculously high interest rates?????
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Mike Fitzgerald | 27 Aug 2010 1:04 pm
Im sorry to see that Savils have finally closed down their packager arm and that some very experienced people such as Robb Jupp have lost their jobs.
The packaging side of the mortgage industry had helped to create a very vibrant business.I think that its now clear that the next 12 months are going to be crucial to for brokers survival.
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Brian Peters | 27 Aug 2010 3:27 pm
Sad day for the market and want to put on record my thanks to Rob and his team for their considerable help going back to their PTP days. I will watch the trade wires with interest over the next few weeks with interest to see where this lot end up next.
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Neil | 28 Aug 2010 7:57 am
The packager is not dead. They will have to accept that they are nothing more then distributors for lenders with subsidiaries, or investment banks with no branch network. The patient is still ill and needs help and support through it's rehabilitation and may not even be the same once recovered, but while capitalism lives on so will distributors for the banks....in the end they have to lend.
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