The secured loan packager already handles bridging applications but owing to increased demand from its brokers it has decided to launch a dedicated brand in January 2013.
Paul Crewe, managing director of Smart Money, said: “We complete about three bridging applications every month and from discussions with our brokers we know that there is more demand out there so we have now decided to actively target this market to increase the amount of bridging business we receive.”
And Crewe said that Smart Money is taking steps to increase its market presence in England following its success in Scotland.
He said: “We have always had business development managers in Scotland and as a result this is where over 50% of our business comes from.
“Following a 40% growth in secured loan sales this year on last year we have decided to start using BDMs in England to drive up secured loan sales even more.”
Crewe outlined further steps Smart Money is taking increase its secured loan business in England.
He said: “We are the only secured loan packager which has an independent stand at the Mortgage Expo this year and we are launching a loyalty scheme which has enjoyed great success in Scotland.
“Now is a great time to be in the secured loan market with lenders like Shawbrook and Nemo showing great appetite for lending. And the contraction of the interest-only market means that customers who want to hang on to their existing deal but want to raise money are looking to secured charges for extra funds.”
