Under the scheme, intermediaries can deal directly with Prestige through SMS’s extranet, The Porthole, or access SMS’s existing secured loans department. Intermediaries requiring a non-conforming secured loan can opt to let Prestige deal with their client throughout the whole process or simply use them to administer the loan to completion.
Speaking about the new service, Kelvin Cooper, managing director at SMS, said: “ Secured loans are growing in popularity and our brokers are looking for ways to expand the services they offer clients. The relationship with Prestige gives brokers the chance to offer non-comforming secured loans and choose to let Prestige look after the whole process, freeing them up to concentrate on core mortgage business while at the same time gaining a contented client, as well as a new income stream.”
Simon Stern, director of Prestige Finance, added: “The new initiative with SMS is a unique partnership between a major mortgage distributor and a second charge lender and we are looking forward to assisting SMS’s intermediary partners in this increasingly important market niche."
