Connect for Intermediaries has launched an unsecured lending panel for business loans.
The panel will have four lenders: Funding Circle, iwoca, Whiteoak and Fleximise.
Kevin Thomson (pictured), sales director at Connect, said: “We have seen an increased demand for unsecured loans for trading businesses, as increasingly, brokers are coming to us with business clients who are looking to ease cashflow or expand their businesses.
“By launching our new panel, we are giving our brokers a comprehensive option of quality lenders who will lend on an unsecured basis.”
Connect’s chief executive Liz Syms made the announcement at its 20th anniversary conference on Friday.
The new unsecured lending panel will be available to all Connect’s appointed representative members to access directly, while the firm can obtain terms on behalf of other brokers on a referral basis.
The panel will offer loans from a minimum of £5,000 to a maximum of £250,000, available with terms of up to five years. Rates start from 1.5% per month.
By aggregating the volume of cases to the lenders the firm is able to obtain preferential terms for its members.
This is the first time Connect has offered unsecured finance, and is in response to growing demand.
Thomson added: “In our view, these four are providing what our members want so we have no immediate plans of adding any others, but we would not rule it out if volumes dictate.”