Prestige is launching a range of secured loan products in the mortgage and loan market later this month – six months after it was acquired by OneSavings Bank.
Prestige will continue to be run by the same team including directors Simon Stern, Howard Sheldon and David Stern.
Simon Stern, director, said: “Prestige will have the ability to offer quality products in a fast growing market.
“We have had positive feedback on our new product offering from key partners and we will announce further details in the forthcoming weeks.”
Matt Tristram, managing director of master broker Loans Warehouse, welcomed the return.
He said: “We’re encouraged by the OneSavings Bank backed lender and look forward to working with what will be some exciting products. It’s another bank in the secured loans market and that can only be good for the sector.”
OneSavings Bank acquired the entire issued share capital of Prestige Finance and Swingcastle in September last year.
Prestige Finance is the longest established secured loan lender in the UK. Formerly known as Sheldon and Stern, the company re-branded to Prestige Finance in 2002.
As of Septmber last year the specialist second charge mortgage lender had combined gross assets of £68.1m.
OneSavings Bank, which trades as Kent Reliance Banking Services, was formed by Kent Reliance Building Society and JC Flowers.