Mortgage Lender Enters Short Term Loan Market
The specialist loan company, Precise Mortgages has announced that it is to launch a new range of products in the short term loan market, which it says will be in the unregulated sector of the loans market.
Although the lender is not giving away too much detail on the nature or maximum amounts of the loan products at this stage, it says that it is wanting to enter the market in a big way and wishes to amass a significant percentage of the short term loans market.
The loans will be for a maximum term of eighteen months and will primarily aimed at landlords and property developers who require loans for short term funding for renovation and development of rental properties.
Part of the new loan range will be used for bridging loans, but Precise are keen to point out that this will not be the only area of lending for which the loans may be used.
The lender will be announcing the launch date and presumably the full details of the new loan products next week and they also say that this will not be the only niche lending area they are considering and they will be looking at other specialist loan areas in the future.
Precise Mortgages only deal with the intermediary market and therefore it will only be possible to access the new loan products through a financial adviser or a loan broker.
Alan Cleary of Precise said “With our loan, landlords can buy property to let out and renovate it before transferring our loan to another lender. We also want help developers in need of cash.”
“We have done extensive research into this market and believe that we can be a credible provider of lending products to the intermediary sector. We have the funding and expertise to make a significant impact.”
