Precise Mortgages is to launch into the second charge market in November – for both resi and buy-to-let deals – in a move that has been widely rumoured for the past six months.
The lender, which originally started in the residential near-prime market in May 2010 and subsequently moved into the bridging sector in July 2011, has been itching to get into the secured market for some time and cause similar ripples that it has managed elsewhere.
Precise has gone from strength to strength since its launch over three years ago and has been chomping at the bit for new business opportunities.
Widely viewed as the white knight of both the near-prime and bridging industries brokers are already expecting managing director Alan Cleary to throw a spanner in the works for some of the more established secured loan lenders.
Matt Tristram, joint managing director of master broker Loans Warehouse, said: “The secured loan market place has been eagerly awaiting the launch of Precise’s loans for some time now.
“With a different background and maybe thought process to the traditional secured loan lender, I think it’s fair to say that we’re excited about what Precise will bring to a sector that is already growing faster than most.”
And Jonathan Bray, CEO of master broker The Loans Engine, added: “2013 has been a strong year for secured loans and I am thrilled to see another lender entering the market.
“The entry of Precise Mortgages, who are highly respected for their innovation and commitment to supporting the mortgage intermediary market, will only lead to significant enhancements in the secured loans sector
“The Loans Engine looks forward to working closely with Precise Mortgages over the coming months to the benefit of the intermediary sector.”
Precise has already made a number of key appointments ahead of the launch.
Simon Carr joined Precise Mortgages in January 2013 as an independent consultant to strategically advise the business on its entry into the secured loans sector and has now been appointed to the permanent role of director of secured loans.
Since then Carr has recruited two national sales managers to manage key partner relationships who will be responsible for day-to-day working relationships with the lender’s panel of master brokers as well as being involved with mortgage networks, clubs and distributors.
Richard Keen, formerly head of intermediary development at The Loans Engine, joined in September 2013 having previously been head of intermediary development at The Loans Engine and the second will join early November 2013.
A team of five underwriters is already in place led by underwriting manager Jennifer Dunn who has accumulated 17 years experience in the secured loans market, most recently with Ocean Money. Further appointments to the underwriting and processing teams are in the pipeline.
Alan Cleary, managing director of Precise Mortgages, said: “Our residential and Buy-to-let secured loans will be competitively priced and will benefit the growing numbers of borrowers who want to raise money without refinancing their existing mortgage.
“We have carefully selected a number of master brokers who will exclusively distribute our products to the market.”