Elephant Loans & Mortgages is planning to seek a listing on the Alternative Investment Market on November 18.ARM Corporate Finance is acting as the company’s adviser and SVS Securities is its broker. Some 21.6 million new ordinary shares are being issued at 3p per share. Assuming subscription in full, this will represent 10.34% of the issued share capital of the company immediately following the listing, equating to 650,000 gross proceeds for the company. Elephant operates in the sub-prime secured loans and mortgages market and caters for a wide cross- section of home owners who need specialist lending solutions. A number of contributors to Datamonitor’s UK non-standard and sub-prime mortgages 2005 report, estimate that this specialist field of lending will account for 20% to 25% of the total secured loans and mortgages market in five years’ time. Based on these predictions, business forecasts and historical evidence, the company is planning to expand its network by opening four satellite offices in 2006, situated in Peterborough, Ashford, Cardiff and Scotland. The rationale for seeking an AIM listing is to raise the finance required to outfit, staff and generate initial working capital for these four offices. Elephant Loans is a packager for lenders Money Partners, igroup and Kensington Mortgages among others. It has been trading for four years and achieved a 32% increase in turnover to 1.57m for the year ending March 31 2005, compared with the previous 12 months.
Focus Business Solutions has formed a partnership with Dashboard Software to deliver a suite of mortgage technology solutions.
The Derbyshire is launching a standalone sub-prime brand today. Industry sources say the society had a choice of three names – Pepper, Salt or Butter – and has decided on Salt. From near-prime to heavy sub-prime, products will be available through a limited number of packagers but the aim is ultimately to go direct through […]
Lifetime Insurance Mortgage Experts now offers a secured loan service, in partnership with Norton Finance. Secured lending grew in 2005 to an all time high of 8.9bn in August, and the number of people choosing a secured loan as opposed to a further advance or remortgage has also risen. LIME says many clients are tied […]
Unisys, the global IT services company, today announced the launch of a major extension to its Unisys Financial Services Solution, already a market-leading IT software offering. The Mortgage Origination modules, when deployed with UFSS, deliver the capability to manage end-to-end processing requirements of UK mortgage providers, with the ability to meet end-to-end Financial Services Authority […]
Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]
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