Solent Mortgage Services has launched a secured loan service in partnership with Prestige Finance, the specialist sub prime second charge lender.
Under the scheme, intermediaries will not only have access to SMSs existing secured loans department but can now deal directly with Prestige through SMSs extranet, The Porthole.
Intermediaries requiring a sub-prime secured loan can opt to let Prestige deal with their client throughout the whole process or simply use them to administer the loan to completion.
Kelvin Cooper, managing director at SMS, says: Secured loans are growing in popularity and our brokers are looking for ways to expand the services they offer clients.
“The relationship with Prestige gives brokers the chance to offer sub prime secured loans and choose to let Prestige look after the whole process, freeing them up to concentrate on core mortgage business while at the same time gaining a contented client, as well as a new income stream.
Simon Stern, director of Prestige Finance, says: Prestige has built an enviable reputation in delivering first class products and service. The new initiative with SMS is a unique partnership between a major mortgage distributor and a second charge lender and we are looking forward to assisting SMSs intermediary partners in this increasingly important market niche.