The intermediary-only lender will launch into the market in November and has been preparing to enter the market since the start of the year.
Simon Carr joined the business in January to advise on the secured sector and will now take up a role as director of secured loans.
Two national sales managers have also been recruited to manage the lender’s panel of master brokers. Richard Keen joined from the Loans Engine and the second will join at the start of November.
Five underwriters, led by manager Jennifer Dunn, have also been appointed as Precise said further additions would be made in due course.
Alan Cleary, managing director of Precise Mortgages, said: “Our residential and buy-to-let secured loans will be competitively priced and will benefit the growing numbers of borrowers who want to raise money without refinancing their existing mortgage. We have carefully selected a number of master brokers who will exclusively distribute our products to the market.”
Jonathan Bray, CEO of The Loans Engine added: “2013 has been a strong year for secured loans and I am thrilled to see another lender entering the market. The entry of Precise Mortgages, who are highly respected for their innovation and commitment to supporting the mortgage intermediary market, will only lead to significant enhancements in the secured loans sector.
“The Loans Engine looks forward to working closely with Precise Mortgages over the coming months to the benefit of the intermediary sector.”
Precise’s entry into the market follows the arrival of two other firms into the secured lending market with Finsec Secured Loans and Firmus Secured Loans both launching last week.
