You are here: Home - News -

Brightstar passes £1bn lending mark

by:
  • 25/11/2015
  • 0
Brightstar passes £1bn lending mark
Specialist loan distributor Brightstar has passed the £1bn lending mark in four years, chief executive Rob Jupp reveals.

It reached half a billion of lending in July 2014 and due to the growth of the business Brightstar has achieved the next half billion in a much shorter time frame.

The loan which pushed Brightstar’s lending in excess of £1bn was a £430,000 bridging loan placed with Precise Mortgages.

Jupp (pictured), CEO of Brightstar said: “Managing £1bn of lending in just four years is a huge achievement and one that everyone in Brightstar should be rightly proud of. I would also like to say thank you to all of the brokers and the lenders that we work with and without whom this wouldn’t have been possible.”

In October, Brightstar was granted permissions by the Financial Conduct Authority (FCA) to allow it carry out credit broking, debt adjusting and debt counselling for second charge mortgages and consumer buy to let. This became a requirement following the transference of the consumer credit industry from the Office of Fair Trading (OFT) to the FCA.

To comply with the Mortgage Credit Directive (MCD), firms advising on second charge loans also need to apply for full mortgage permissions. Brightstar applied for its mortgage permission which it expects to be in place ahead of the MCD deadline of 21 March 2016.

There are 0 Comment(s)

You may also be interested in