The secured loans industry has seen the demise of yet anther secured loan lender as Link Loans announced it’s closure a few days ago.This is the most recent in a series of secured loan lenders who have suffered a similar fate.

Simply a few days before this Link Lending, out of whom Link Loans sprang, went into administration due to the fact that Barclays Bank who funded them refused to give any more funds for them to lend. This meant that the state of Link Loans was not strong.

How Link Loans expected their funding to continue is a mystery, as they were a part of Link Lending, and when Link Lending, which arranged bridging loans, fell it was to be expected that Link Loans was almost certain to follow suite.

Link Loans have not been established long, and they had an unusual way of working unlike any other secured loan lender. Link Loans dealt in the intermediary market, that is through secured loan brokers.

When a secured loan broker receives a request from a client to arrange a secured loan for them, the secured loan broker, through his knowledge of the secured loan lenders criteria, knows exactly which secured loan lender fits his clients needs and circumstances.Therefore before even placing the secured loan application with the most suitable lender he knows that the application will reach fruition providing all the facts supplied by the customer are accurate.

Link Loans did have underwriting criteria which they supplied to brokers, but after that the way they were required to work was different from that of other secured loan lenders.

With Link Loans this was not the case. A secured loan broker had to first of all do a credit check, and also had to approach the land registry to do a land search of the customer’s property. This then had to be faxed or emailed to Link Loans who then had to approach their funders to seek approval for the secured loan.

When their approval was granted the secured loan broker would be notified that they could proceed with the application.

Other secured loan lenders had the authority to approve secured loan applications themselves.

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categories: secured loans,homeowner loans,mortgages,remortgages,refinancing,property