Promise, the secured loans master broker, has already signed up the first satellite packager and has more in the pipeline.
Steve Walker, managing director at Promise said: “This lender is carefully controlling distribution.
“Promise can offer selected packagers access to this product enabling them to fully package the application (issue credit agreements, valuation, BSQ etc) and submit the completed pack through Promise for completion.
“An underwriting, quoting and post submission tracking portal will be provided whilst the Promise team is on hand to help get applications agreed and submitted for payout.
“Volumes are being tightly controlled so satellite agencies may be limited or quotas may apply dependant on level of interest. However, mortgage brokers and IFAs can still access this unique product via Promise’s sourcing system and in house packaging service.”
Equifinance claims to offer the highest LTV available to borrowers with heavy adverse credit or self employed applicants who have difficulty providing accounts and bank statements to support their earnings.
At 75% LTV Equifinance will also consider ex council properties and those with a semi commercial nature.
