Vesta launches secure lending

Vesta, the national packager and branded lender, has launched a secured lending business to tap growing demand for secured finance.

Vesta Secured Loans has opened its doors to brokers, allowing them to access products from lenders such as First Plus, First National, Southern Pacific Personal Loans and Preferred. The operation is available nationally with an upper lending limit of 100,000.

Mark Leaper, managing director of Vesta, who heads the new operation, believes secured lending presents massive scope for growth among financial intermediaries.

He says: “There is a lot of business out there that brokers are missing. Consumers are going to other sources for secured lending, but would often do much better if they considered their financial intermediary first. People can sometimes be trapped in their mortgages by large redemption payments and in such cases it is much easier for them to take out a secured loan. We aim to help brokers meet this growing demand.”

The business is offering intermediaries a high level of service, similar to that offered by Vesta’s packaging business.

Leaper adds: “By offering the sort of service that brokers want, we have won a significant share of the packaging market and are now going to do exactly the same in secured lending. It is still unfortunately the case that a lot of financial service providers do not address brokers’ needs.”