Nemo has reduced the minimum credit score on its 85% LTV product, whilst increasing the LTV on several other products across the range.
It has also introduced its one unit plan, a product that hasn’t been offered by Nemo since the credit crunch.
Sam Marshall, joint managing director of Nemo, says: “The introduction of these new products provides confirmation that Nemo remains firmly committed to the secured loan industry and to its broker network. We anticipate that the introduction of these products will create an additional £4m – £5.5m per month of new origination which based on current statistics, represents a 20% growth opportunity for the market.”
Matt Tristram, joint director of Loans Warehouse, says: “When we received the call from Nemo last week telling us about not just the new criteria but the target of growth we were very excited. There are a handful of secured loan lenders really driving the industry and Nemo are clearly one of the market leaders.”
Steve Walker, managing director of Promise Solutions, says: “This is really good news. The enhancements from Nemo are significant and a great boost for brokers. The fact Nemo has taken such a leap forward is a testimony to faith of their funders which must surely derive from the quality of the book Nemo has written over recent years.”