Specialist short-term finance lender Charter HCP has launched a broker guarantor range.
The range essentially lets brokers “back their own judgment” when they do not agree with the lenders’ due diligence and underwriting risk assessment.
In such cases, the broker can step in and support their client by offering a limited guarantee to reduce the risk as part of the security package and help limit any changes in terms or loan amount.
Jim Whitcher, senior relationship manager at Charter HCP, said: “We have been looking for a long time at ways we can let the brokers support their client and this may be an ideal way for them to do just that.
“The launch of broker guarantor loans will support brokers in ensuring that their borrowers achieve the outcomes they want.”
Charter HCP recently secured a £120m funding line.
The line, which is the latest in a number of funding lines secured by the business, will be used to fund bridging, refurbishment and development deals.