Equifinance, which allows unlimited arrears, CCJ’s and defaults up to 75% LTV, wants to quadruple its lending in 2013 by providing niche products that add to those already available in the second charge market.
The new product will allow clients to borrow from £15,000 to £30,000, up to 65% LTV at 1.95% per month and is available to borrowers with severe credit problems looking for a fresh start or to improve their credit profile.
Matt Tristram, joint managing director of secured loan master broker, Loans Warehouse, said: “Several lenders are making improvements early in 2013, demonstrating a strong desire to lend.
“Already this week, we’ve seen Nemo Personal Finance offer the lowest ever secured loan rate of just 5.59% but the changes brought in by Equifinance show how secured loans cater for a wide range of borrowers, not just those with a perfect credit score.”
And he added: “This new offering provides new lending options that I believe aren’t available elsewhere in the market.”
Equifinance have limited distribution but is available fully packaged, exclusively through Loans Warehouse.