Steve Walker, managing director of Promise, said: “This new lender fills an important niche for borrowers with insufficient equity to get a loan from Nemo or Shawbrook.
“The rates available are significantly lower than other high LTV lenders and loan terms are available up to 180 months on referral.”
Walker said the maximum loan amounts are also higher with published terms up to £15,000 although loans up to £20,000 and 99% LTV will be considered on a referral basis.
And he added: “Provided borrowers have an excellent mortgage profile (although some arrears may be considered with an acceptable explanation) borrowers with some historic unsecured credit problems can be considered at rates and repayments not previously available to the wider broker market.”
Currently Shawbrook and Nemo both lend up to 85% LTV while Evolution and First Stop Finance will consider secured loan LTVs beyond 95%.