Exclusive: Prust to launch lender

John Prust, Bill Cherry and Stuart Aitken are rumoured to be launching their new lender in September.

In February Prust quit his position as director of sales and marketing at Lehman Brothers and was strongely rumoured to be teaming up with Cherry, the former managing director of Southern Pacific Mortgage Limited where Prust was director of sales and marketing until Lehman’s purchased it in 2002.

Stuart Aitken, SPML’s former director of credit, was also rumoured to be joining the duo.

And now an industry source says Prust is in the process of authorising the new lender with the Financial Services Authority with the view to launch in September.

He adds that the name of the new lender has not yet been disclosed.

Aitken quit his consultancy job at Kensington before Christmas with no reported job to go to.

All three were unavaliable for comment.

More to follow…