The directors of Loans Warehouse have teamed-up with former investment banker Garry Monaghan to launch Clearly Loans – a second charge lender specialising in the mild adverse credit sector, writes Robyn Hall.

The second charge lender will offer loans from £5,000 to £30,000 to customers in England, Scotland and Wales with mild adverse credit up to 85% LTV.

Monaghan has over twenty four years experience in investment banking, most recently as the European head of flow rates trading at BNP Paribas.

Secured loan master broker Loans Warehouse was set up by former Loans.co.uk employees’ Sam Busfield and Matt Tristram in June 2006 and traded successfully throughout the credit crunch.

Matt Tristram, joint managing director of Loans Warehouse and director and co-founder of Clearly Loans, said: “Garry approached us early last year with a desire to lend.

“Over the past year we’ve worked hard at designing a product that offers something unique to the secured loan market.

“All products are available on variable or fixed rates with a maximum LTV of 85%, which takes us above the majority of the existing lenders in the market.

“We will focus on customers’ recent credit activity and we won’t punish borrowers for historic adverse over 24 months or under £300.

“We will also lend up to 75% LTV on ex-council flats in England, Wales and Scotland which is market leading.”

Monaghan added: “I was attracted to the secured loans market because it offers attractive returns for investors but at rates that also make economic sense for borrowers.

“The market has a solid reputation and it is large enough to enable us to build a good size lending business.”

Clearly Loans’ product range will initially be distributed through Loans Warehouse.

Tristram added: “”We have funding secured for the next two years and will be seeking further investment in due course but for today we’re looking forward to writing our first secured loan with Clearly Loans.”