Second charge master broker firm V Loans has withdrawn from the second charge and bridging markets.
The move follows the implementation of the Mortgage Credit Directive earlier this year which has seen the second charge market undergo a significant transition.
Marie Grundy, managing director of V Loans, said: “Whilst clearly we are saddened that our time at V Loans has come to an end, both Dave Pinnington and I are very proud to have served our loyal intermediary partners over the last nine years, during which we have developed excellent working relationships with an array of leading intermediary firms, networks and lending partners to offer high quality advisory and packaging services within the specialist lending market.
“We would like to thank all our partners and our staff, who have provided us with immense support over the years, and wish them all the best with their future endeavours.”
Tim Wheeldon, COO at Fluent for Advisers, praised the impact of V Loans and said it would be missed.
He said:”The loss of V Loans will be strongly felt by the market as Marie and David both represented the sector with distinction. However, I am sure this is not the last we shall see of them and we wish them both well for the future.”
V Loans was acquired by Key Retirement Group in October 2014.