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Equifinance returns to market with ‘real appetite to lend’

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  • 15/09/2020
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Second charge lender Equifinance has returned to the market after withdrawing from the sector at the end of March.

After a carrying out a pilot scheme to test its systems and bring back key staff for a limited service, the company is reopening doors to all its intermediary partners.

Tony Marshall (pictured), managing director, said: “Equifinance is in a strong position with reliable funding lines in place and a real appetite to lend.

“It is good to be back lending and with the ongoing affordability concerns of many first charge lenders, there is no doubt in my mind that more customers and their advisers are going to find themselves looking to specialist lending avenues as high street choices tighten their lending criteria, regardless of a potential borrower’s story.”

Marshall added: “Second charge lending has much to offer those who are looking to raise capital but are finding the remortgage route impassable.”

Figures from the Finance and Leasing Association showed that second charge mortgage volumes had dropped 71 per cent year-on-year in June with just 661 new agreements arranged.

The value of new business in the month reached £27m, a decline of 74 per cent compared to last year.

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