Coogan, who was director general of the lenders’ body between 1996 and 2011, after leaving the CML, he joined Deloitte as an adviser. He also became the chairman of the strategic planning consultancy Shaping Tomorrow.
He sparked controversy in 2009 when he claimed some intermediaries were putting their sales targets ahead of their customers.
However, Loans Warehouse co-founder Matt Tristram said Coogan’s experience and knowledge of the finance industry had huge appeal: “Michael is known and respected in circles throughout the banking and finance industry.”
Coogan described brokers as the “life blood” of the lending industry: “The Funding for Lending Scheme has re-opened the credit markets in the UK, and the benefits will flow through into a fast-growing secured lending sector.
He looked forward to helping Loans Warehouse take advantage of the commercial opportunities that followed, he added.
In July, Loans Warehouse launched mild-adverse secured lender Clearly Loans. The new lender said it would overlook adverse credit histories over 24 months’ old or under £300. It also said it would lend on ex-council flats up to 75% loan-to-value.