In 2002, Enterprise originated £120 million in sub-prime first charges. This year, it is on track to originate over £720 million.
Michael Clapper, Enterprise Group’s CEO said; “This growth is due to our unique and safe sub-prime proposition, which combines regulatory safety with a market-leading and guaranteed service. Under regulation, and as a result of the recent sub-prime reviews conducted by the FSA, the value of ‘safe sub-prime’ has never been more obvious to introducers and networks, and so we confidently expect this level of growth to continue over the next 3 years.”
Clapper points to the development of a number of tailored, branded arrangements with major networks as the lynch-pin of this unprecedented growth. He adds: “Initially, it was Zurich Advice Network (now Openwork) that realised the value of safe sub-prime from one exclusive provider, called Enterprise Homeloans. Now other significant networks have signed up for their own bespoke branded arrangements. We have created ‘THINC Enterprise’ for Thinc Destini, ‘Mint Homeloans’ for Mint Financial Services and ‘Choice Homeloans’ for Home of Choice. We are in talks with many others now too.”
The Group also includes Enterprise Broker Services as a sub-prime packager which offers ‘safe sub prime’ to directly authorised intermediaries.
Clapper adds; “Technology and product innovation will always remain critical, but we continue to see guaranteed service and regulatory safety as the two main factors which set us apart from the rest.”
Another successful part of the Group is Enterprise Finance, which provides Second Charges, Bridging and non-conforming commercial mortgages, which has seen even bigger growth of over 1000% over the same period. In 2005, Enterprise Finance will complete over £60 million in Seconds, Bridges and Commercial mortgages, when in 2002, it completed just £6 million.
