Prestige Finance is today launching a new range of products into the secured loan market targeting employed and self- employed borrowers.
The new products will be the first released by Prestige since it was acquired by OneSavings Bank last year.
Mortgage Introducer revealed last week that Prestige was relaunching to the market. Today, Andy Golding, group chief executive officer of OneSavings Bank, said: “The secured loan market is growing and we see opportunities to supply high quality products to this underserved marketplace.
“Prestige is known for its great broker service and with many years of experience is ready to become a competitive force in this area, including larger loan offerings, targeted at those first charge mortgage holders who are unable to remortgage without losing access to their current low tracker and fixed rates.”
Prestige said it developed the range after seeking input from key distributors and hopes that the products will provide brokers with an important new alternative source of finance in the re-emerging secured loan market.
Simon Stern, director at Prestige, said: “Our key priority is to offer a great proposition and build on the excellent reputation Prestige has built with key partners and grow long term relationships.
“Prestige has a very experienced team, and together we will work to deliver products brokers can sell as well as providing excellent service.”
Prestige’s re-emergence has been welcomed by figures in the industry as a positive sign for the secured loan market.
Paul Crewe, managing director of Smart Money Loans, said: “Prestige Finance has been a consistent source of intermediary based lending in the second charge market over the past thirty years, through the good times as well as the more challenging ones such as those we face today.
“Simon Stern and his team have an enviable track record of supporting the broker market and with the backing of a forward looking parent like One Savings Bank, I am sure that Prestige Finance will prove to be a valuable new asset for the whole industry.”
Cheshire-based Master Broker V Loans hailed the new deals as one of the most comprehensive ranges of secured loan products launched in recent times.
Dave Pinnington, managing director of V Loans, said: “It is fantastic to see a lender of Prestige’s calibre expand their range of products to cater for the prime sector of the market.
“Whilst prime borrowers already have an extensive choice of second charge products, Prestige Finance offering has filled some gaps not currently covered by other lenders.
“It is more good news for the financial services industry and comes on the back of a wave of major enhancements in product and criteria within the secured loan market.”
Stern added: “We are coming back to the market at a time when the demand for secured loans is increasing.
“With the help of key brokers like V Loans, with whom we have had a long and beneficial relationship, we are looking to help intermediaries provide their clients with lending solutions that are transparent, well priced and accessible for the widest range of needs.”