Promise said that it would not publicise the name of the lender but introducers wanting to access the specific products could do so on its sourcing portal by searching for the lender’s pseudonym of Independent Loans.
The lender’s criteria allows for self-employed applications with no need for accountants reference, tax returns or bank statements.
Any amount of CCJs, defaults and unsecured arrears are also permitted and unlimited current mortgage arrears are allowed provided four of the last six repayments were paid.
The lender will lend between £5,000 to £10,000 to residential and semi-commercial property up to 75% LTV. At 70% LTV the maximum loan size increases to £15,000.
Promise completed its first loan with the undisclosed lender in 12 working days.
Steve Walker, managing director at Promise, said: “We now have a significant number of applications in the pipeline and have been greatly impressed by the lender’s appetite to make deals happen and keep the process simple by making common sense decisions and looking for short cuts.
“It’s a real breath of fresh air and our introducers are really feeling the benefit. Every loan we complete would be an outright rejection by any other master broker.
“This first application was affected by a significant down valuation and was declined by all other lenders in the market but completed within 12 working days of being switched to our new lender.
“This was aided by the lender being prepared to accept many of the documents obtained for the original lender.
The introducer, David Maude of Sandhurst Associates, said “Only Promise could have completed this loan so I am pleased for my client and pleased to be earning a commission which would not exist had I tried another master broker.
“It’s good to know that Promise have additional exclusive products for when an application doesn’t go as planned.”
