Paradigm offers complex prime
Hertfordshire-based Platinum offers intermediaries access to lending solutions from a small but growing lender panel who are seeking those ‘prime’ borrowers that currently fall outside automated credit/risk-scoring structures. Platinum currently has three small lenders on panel with a further two waiting to join, whilst it also has links to a range of private banks and bridging companies.
Platinum Options is seeking prime business where the borrower is able to prove income/affordability and has no mortgage arrears. These cases are often pushed into the complex prime bracket as a result of a default, CCJ or some other form of adverse history. The cases are priced according to risk by the Platinum lender panel with margins added above their normal rates and/or fees charged accordingly.
Bob Hunt, chief executive of Paradigm Mortgage Services, commented: “We are delighted to announce this exclusive distribution agreement with Platinum Options which will allow Paradigm members to place complex prime cases. As we exit recession, and demand increases, it’s very likely that advisers will have an increasing number of clients who for understandable reasons will fall outside of mainstream lender’s criteria. Platinum specialises in placing complicated cases and has developed relationships with a range of lenders who will individually underwrite to ensure the client secures the mortgage funding they need at competitive rates. This agreement also ensures Paradigm members receive excellent procuration fees paid direct to them by Platinum. Platinum have a highly experienced team with considerable specialist knowledge; this new relationship will provide our members’ complex prime clients with a personalised service plus access to a range of mortgage options they will not be able to find from high-street lenders.”