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First European Securities reassures brokers over funding

Nik Barron, director at secured loan lender First European Securities, has reassured brokers that funding is on its way.

The Secured loan lender re-entered the adverse secured market late last summer but due to high demand it has not been able to complete all deals on time.

Barron says: “When we launched into the market we did not anticipate that our competitors would cut their lending and criteria by so much. This led to huge demand for our products. The funding we had set aside for eight months was used up in six weeks.”

Barron says it has to work six months in advance when calculating how much funding it needs need and expects the next big tranche of funding to materialize in the next 10 days.

He says: “We are very upbeat going forward and have not yet tightened our criteria or restricted our lending.”

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  • david 28th June 2012 at 11:50 am

    Did Nik Barron or Nick Barron the two names he uses also mention how he sold two loans to a mentally ill pensioner just so he could take her house. If you look at Nick or Nic he has taken and put his nme on to FES several times as a director of the company. Is this not a little bit fishey.

  • abu abaani 30th November 2010 at 6:16 pm

    High rates but i suppose worth it as i got my loan

  • Ben 22nd October 2010 at 6:23 pm

    My loan completed today and i will always be grateful. Almost lost my house.
    If you read this 1st european thank you.

  • BC loans 27th May 2010 at 3:31 pm

    I would disagree. There is nobody else in the market funding these cases and i know they come through. I think they deserve some credit for what they are actually achieving

  • Mr Wells 31st March 2010 at 1:32 pm

    I too am still waiting for the funds to appear on my loan that was approved mid feb, FES clearly dont have the money to lend and the brokers told me the whole thing from start to when i got the money would be 10-14 days max, its disgraceful

  • Anonymous 16th September 2009 at 6:20 pm

    RUBBISH
    Reassuring brokers over funds??? I am still waiting for FES to pay out a deal that completed in Jan 2009!!!! The client is on about cancelling becaase of the length of time it has taken. I will never use this lender again!!!!!