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Cash is not an issue for online launch

Mystery surrounds the identity of two serial entrepreneurs who are looking to launch an online lender into the mortgage sector targeted towards providing short-term and high-volume loans for consumers.

Mortgage Strategy understands cash is not an issue for the north-west London-based lender. Sources say funding lines are already in place and have been sourced from a reliable lending pool.

The news has set tongues wagging among the intermediary sector as any entrance in such a beleaguered market can only be a positive sign.

Although the exact nature of the new entrant is uncertain it will be in a market where the existing few players are posting positive financial results.

Sources say that is likely to mean it will be focussing on bridging finance but possibly second charge lending too.

With unemployment currently at a 12-year high the credit crunch means that the mortgage market is awash with available talent across all levels.

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