Brent’s former wife owns half of the firm’s shares. He says that with the market in its current state he is considering focussing on other business interests for the foreseeable future. The master broker was closely aligned with GE Money Home Lending, which recently decided to scale back its lending dramatically.
In March GEMHL announced it would continue to do a small amount of lending through between 16 and 18 distributors. The news echoes recent comments by Robert Sinclair, director of the Ass- ociation of Finan-ce Brokers.
Sinclair warned that it would be medium-sized master brokers who would be worst hit as lenders pulled out of the market.
Brent says: “Secured loans are central to my experience and knowledge, and despite the collapse of the sector I am a great believer in sticking to what you know best.
“I am proud of what the company has achieved in the past 23 years and value the resulting relationships that I have developed.”
He adds: “Despite numerous approaches to enter the debt management and unsecured loan markets, such options are of no interest to Loans etc or to me.
“These people don’t seem to understand that our GEMHL referral contract – the largest part of our business – would not allow information to be passed to companies for these types of uses.”
Norton Finance is thought to be the front runner to take on Loans etc’s GEMHL business.