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.”