Business as usual – thanks to industry collaboration
06 April 2016
Fluent Money, the UK’s largest second charge distributor, is reporting that strong collaboration between lenders, distributors and brokers in the run up to MCD implementation, played a big part in ensuring that business and service levels have been maintained since the deadline passed.
Allowing for the increased number of completions due to the deadline, March was one of the best months the company had experienced, with loan completions running 50% higher than in 2015.
Fluent Money, which recently announced significant inward investment from private equity firm, Beech Tree Private Equity, has been at the forefront of efforts to ensure that lenders and intermediaries were ready for the MCD.
Chief Operating Officer, Tim Wheeldon, was instrumental in setting up an informal forum three years ago for lenders and peers in the distribution market. The first meeting took place nearly three years ago with 11 attendees, the last one in February this year was attended by 43 people from across the industry.
He said, “Apart from a few hiccoughs as everyone came to terms with the administrative changes, particularly over the new ESIS document, I am delighted to say that thanks to all the hard work and real collaboration across the industry, the second charge market is in a strong position to consolidate and push on to make the most of the opportunities presented by the level playing field that second and first charge markets now inhabit.”
