Branded lending helped Advantage Mortgage Services to grow business by 25% last year.
The Chester-based packager is currently writing over £18m of sub-prime business a month.
Advantage launched Advance Home Loans last year with the backing of Mortgages PLC and Platform Home Loans. A branded agreement with GMAC-RFC will go live in early spring this year, with a further deal with an as-yet unnamed lender following not long after that.
Keith Dearling, director of Advantage Mortgages, says: “At the moment about 50% of the company's business goes through Advance Home Loans, but once we have four lenders on board we'd expect that to increase to 80%. Because we're doing more work for the lender, we get paid more and introducers get a bit more money.”
The company is expanding rapidly, and its objective is to double capacity by 2005.