Specialist lender West One Secured Loans has completed its 1,000th second charge loan since its launch through master brokers in July 2017.
In this time, the market for second charge loans has grown steadily, with annual figures from the FLA showing it has become a £1bn market.
The 1,000th loan, which was introduced to West One by specialist second charge advice firm, Y3S Loans, was for a total value of £141,380. It was used towards home improvements, enabling the borrowers to carry out extensive works to their family home avoiding the need to move to a larger property.
Marie Grundy, sales director at West One Loans, said: “We’re delighted to have completed on our 1000th second charge case, it’s a great achievement given we only launched our second charge mortgage division a little over a year ago.
“The team have put an enormous amount of hard work and dedication into accomplishing this. We owe a great deal to our broker partners who have provided us with fantastic support during our launch phase.
“We will continue to focus our efforts on further developing our range of products and services as we strive to meet the varying needs of borrowers who would benefit from second charge finance.
Barney Drake, managing director at Y3S Loans, added: “We’ve known Danny, Marie and the team at West One for many, many years and their product is a great fit for our brokerages.
“We’re over the moon to have helped them get to this landmark point, and we look forward to many more years working together.”