Only Loans will fully support Sycamore in the second charge business arena, which the company anticipates will grow rapidly over the next year from the current 10 per cent to around 15 per cent by mid-2008.
Andrew Georgiou, managing director of Only Group, said: “This partnership is a key move for our company in the secured loans market. This is a fast moving market, and this relationship shows how committed we are as a supplier to Sycamore and our second charge business strategy. We’ll be working in tandem with Sycamore’s individual advisers, acting as an effective back office function and supporting them wholeheartedly with all client liaisons.”
Ashley Reading, group managing director of Sycamore, added: “These secured loans deals will ideally complement Sycamore’s range of mortgage, protection and investment products. Secured loans are an excellent solution for many of our clients who find they need an additional sum over and above their mortgage. It could be that they have not scored highly on formal credit checks and need fast, short term solutions.
“We are currently processing around 200 mortgages a month, and our business volumes make us a natural fit with a growing, dynamic firm like Only Loans. Having the right partner is key when it comes to providing the best financial products and services to our clients.”
