Under the brand ADV2, the products will be solely distributed through the packager. Second charge schemes offered as part of the package include a 95 per cent loan-to-value self-cert product with a maximum advance of £500,000 and an 85 per cent self-cert and unlimited adverse product to a maximum of £150,000.
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Donny Moeladi, commercial director of ADV2, said: “We are extremely excited about the launch of ADV2 as we believe that the seconds market is ready for innovation in product design and we plan to lead from the front. Working with Enterprise was an obvious choice for us, with its professional management team and broker distribution capability. We look forward to an excellent launch campaign and significant high quality volumes from our relationship.”
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Danny Waters, operations director at Enterprise Finance, added: “This is an excellent opportunity for us to work closely with a forward-thinking lender and help influence product design and operational processes. ADV2 adds tremendous value to brokers, and we expect it to be in high demand. With four on-site ADV2 underwriters at our offices, we will also be making the ADV2 range available through selected master brokers.”
Simon Tyler, managing director at Chase De Vere Mortgage Management, said: “It will be a useful tool, but you’ve got to be experienced to be able to do secured loans. Brokers are advised to know their limits as there’s enough first charge business to deal with.”
