Enterprise Finance has confirmed it has received over 200 ADV2 enquiries from brokers following the launch of the new ADV2 product range.
The range, which is funded by Advantage, has already seen the completion of the first three cases, for loan amounts of £194,000, £32,000 and £152,000.
Advantage has entered the secured loans market, under the new brand called ADV2.
To launch the lender, ADV2 joined forces with Enterprise Finance, a part of Enterprise Group.
Second charge schemes on offer include a 95% LTV self-cert product, up to a maximum advance of £500,000 and an 85% self-cert and unlimited adverse product up to a maximum of £150,000.
Danny Waters, operations director at Enterprise Finance, says: “We have been inundated with enquiries for ADV2.
“The process has been really slick and the first three cases completed yesterday.
“We are delighted that ADV2 has attracted significantly higher loan sizes than we have been used to.
“Now we have tested the process, and with four on-site ADV2 underwriters in place at our offices, we are now able to also make the ADV2 range available through selected master brokers.”