Over 200 ADV2 enquiries have already been received by Enterprise since the launch last week and the first three cases completed yesterday, for loan amounts of £194,000, £32,000 and £152,000.
Advantage has entered the secured loans market, under the new brand called ADV2 - funded by Morgan Stanley Bank International Limited. To launch the lender, ADV2 joined forces with Enterprise Finance, a part of Enterprise Group.
The model gives Enterprise Finance unique access and ring-fenced distribution rights to the ADV2 product range and its innovative schemes. Second charge schemes on offer include a 95 per cent LTV self certification product, up to a maximum advance of £500,000 and an 85 per cent self certification and unlimited adverse product up to a maximum of £150,000.
Danny Waters, Operations Director at Enterprise Finance, said: "We have been inundated with enquiries for ADV2. The process has been really slick and the first three cases completed yesterday. We are delighted that ADV2 has attracted significantly higher loan sizes than we have been used to.
“Now we have tested the process, and with four on-site ADV2 underwriters in place at our offices, we are now able to also make the ADV2 range available through selected master brokers".
