Credit & Mercantile has announced it is making millions available to brokers who are struggling to complete loans for their clients in the current market climate.
The short-term finance specialist says it has received several requests from brokers looking to find solutions to their client’s needs for substantial loans. The problem has been exacerbated by the current panic in world credit markets.
The company is offering non status loans and will take security of a first charge secured on property. Initital periods range from one month to one year, which should allow brokers and borrowers time to secure long-term funding.
Roy Winston, chairman of Credit & Mercantile, comments: “I am glad that we have the resources to step in so swiftly. However, while we are able to move incredibly quickly, our credit process does mean that we do look at every proposal, and of course not all loan requests will be accepted.”
Last year, Credit & Mercentile began growing its business share in the intermediary sector through an enlarged team.
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