Intermediary focused secured loan lender Prestige Finance has enhanced its lending criteria for the second time since its relaunch in March this year.
Improvements include the introduction of two new products, increased loan to values up to 80%, reduced credit score allowing historic arrears and AVM’s are now accepted up to 65% LTV across ALL standard plans up to maximum loan of £50k.
Simon Stern, director at Prestige Finance, said: “The new criteria provide further significant enhancements to our proposition for intermediaries and their clients.
“We have also moved quickly to increase our use of AVM’s to speed up the lending process in the wake of concerns over the pressure on surveyors.
“Yet another sign that we are constantly looking to evolve as a business. The quality of the cases we are seeing, along with the appetite and support of our parent and introducers, make this next step in our journey that much more significant.”
Stern also praised the intermediary market and the positive way it has responded since Prestige’s relaunch in March.
Stern added, “Secured loans are back on the map in a big way. I am looking forward to meeting intermediaries at the Financial Services Expo at the beginning of October to discuss and demonstrate just how important secured loans are in any broker’s lending options for their clients.”