Secured loan lender closes to new business
By Marcel Le Gouais,
Intermediary secured loan lender Endeavor Personal Finance is no longer accepting new secured loan applications. EPF specializes in providing secured personal loans and is a wholly owned subsidiary of HFC Bank, which in turn is part of the HSBC Group.
Brokers were told yesterday that they had until close of play to submit applications, with pipeline business needing to be completed within 30 days.
Some brokers have not yet been informed of the decision, which is believed to have been made at 4pm yesterday.
Patrick Long, a spokesman for HFC, says: “EPF has closed to new business. It will process loans that have been approved through to completion, but are not accepting new business. “We have conducted a review of the business and as a proportion of our bank’s business; EPF is tiny and doesn’t fit with our distribution channels.”
Long says 70 jobs are at risk but it will try its best to relocate them.
Source:
http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=167148&d=403&h=401&f=402
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