Infinity Mortgages has launched a new packager, named Infocus Mortgage Company, it was announced today.
Infinity also confirmed it is currently talking with former backer, Investec, to secure funding for a new range of products, as well as exploring other avenues for funding.
Infinity’s head of marketing and communications, Simon Biddle, says the new packager will initially feature a panel of six lenders.
“We want to keep the panel tight so we’re launching with six lenders and are in talks with a seventh”, he says.
Lenders on the panel include Advantage, Preferred Mortgages and The Mortgage Business and Infinity is currently talking with First National. Jason Neil has been appointed managing director for the packager.
Jeremy Duncombe, director of sales at Advantage, comments: "I can confirm Advantage has entered a formal agreement with Infocus, which will allow it to package Advantage products from September 10th."
Biddle was keen to dispel rumours that Infinity was becoming a packager rather than launching. Some parts of the press have speculated that, when Investec withdrew its backing from Infinity, the company might have looked to other areas of business rather than lending.
Commenting on the funding issues, Biddle says: “We don’t have certainty on the funding issue but we’re talking to Investec and are confident we’ll be launching a new product range in the next few weeks.
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