New second charge lender Clearly Loans has raised its maximum loan size from £30,000 to £50,000 and reduced its minimum valuation required at 85% to £100,000, three months after its launch.
And the criteria has been amended to accept contract workers and properties fitted with solar panels.
Sam Busfield, director and co-founder of Clearly Loans, said: “Three months in and things are going well. We’ve been able to make sure that the systems and criteria are fit for purpose, are easy to use and are giving the clients the best end result.
“We have spent 12 months setting up Clearly Loans so it has been great to finally start writing business – and we’re keen to do more.”
The secured loan lender was launched by Sam Busfield, Matt Tristram and Garry Monaghan back in July 2013.
Since July the products and procedures have been tried and tested and the directors have made some enhancements to the lending criteria to ensure volumes continue to increase.
Busfield, who is a joint director of Loans Warehouse with Tristram, said: “Having had access to all secured lenders Clearly’s criteria was designed to fill the gaps that would lead to volume business not to us becoming a niche lender. We feel we are achieving this particularly with the enhancements we’ve made.”
Busfield said remaining flexible is key to Clearly and because applications are underwritten manually if it makes sense it is happy to consider it.
He added: “Recently we’ve accepted an enquiry for £120,000, a self employed client at 84% LTV and a client whose income is partially derived from overseas employment.
“Clearly Loans is new to the market but we’re not – watch this space for further enhancements over the coming weeks and months.”