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Do you expect to see less or more second charge mortgage lenders in 2018?

Optimum Credit completes its largest loan

Sarah Stroud

Pink Pig Loans (PPL) has completed a £900,000 second charge loan for Optimum Credit – the lender’s largest loan payout since its launch in 2014.

The application was referred to PPL by a London-based broker for a high-net-worth client who was unable to remortgage due to high ERCs on a 10-year fixed mortgage deal or raise a further advance with his private bank mortgage.

Simon Mules, commercial director at Optimum Credit, said: “The team at Optimum Credit [is] very pleased to have played [its] part in [the] completion of our largest loan payout since our launch, which would have not been possible without the expertise shown by the staff at Pink Pig Loans.

“It’s all too easy to make larger loans more difficult, but the experience of the Pink Pig team, coupled with Optimum’s desire to work closely with the broker community, just goes to show that if everyone is pulling in the right direction, these enquiries can be dealt with swiftly for the customer and introducing broker.”

The loan completed on a rate of 6.99% at 65% LTV with no ERCs.

James Rainbird, managing director of PPL, added: “This is typical of applications we regularly receive, although in this case the advance was much higher than normal.

“Our team has a strong reputation for reacting quickly to requests that are outside the box and, in this case, business development manager Sarah Stroud (pictured above), … together with the team at Optimum Credit, … pulled out all the stops to make this deal happen.”

Mortgage group Y3S acquired a 50% stake in PPL in December 2016.

Y3S previously completed a £900,000 loan through Prestige Finance in just 13 days.

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