The programme will enable partners not only to 'own brand' products, but will also allow the partners to have delegated authority to design the productstoo.
John Webster, business development director of Preferred comments: "Our Preferred Partnership programme is very different to most branded lending schemes available in the market. We agree the parameters of a lending facility with the partner who can then manufacture their individual products. We work with the partner to ensure the aggregate characteristics
of their lending meet the agreed terms. This allows them to design products on the spot without having to refer to us for exclusives or exceptions. It also enables the partners take control and develop the market as they deem fit."
Preferred Mortgages has recently completed a Partnership Lending agreement with the Bournemouth based packager, Regency Mortgage Corporation. The agreement is for annual production of £50 million.
Webster continues: "We no longer tag this facility as correspondent lending. The partner is under no obligation to fund the loan at any time and the offer makes it clear to the customer that Preferred is the ultimate lender. The intention of the programme is to decentralise product development to the partner who then has the tools to react quickly to market
developments rather than wait for the lender to respond."
