Financial Reporter, 10th April 2014, Freedom Finance hits £2m milestone with Prestige in March

Freedom Finance today reveals that it paid out £5 million in second charge loans from Prestige Finance in the first three months of 2014.

The pinnacle of the quarter was a record £2 million in loans paid out in March.

There has been a significant increase in volumes over the past year in the second charge market, largely driven by increased consumer confidence and the gradual rise in house prices. Now that the industry is regulated by the FCA, companies will have the opportunity to focus on finding the right customer outcomes by creating customer centric cultures within the second charge market, something that will further increase demand.

“The large scale growth in the second charge loan market has been very clearly evidenced through our relationship with Prestige over the past 12 months, with the volume of loans reaching a record £5 million in the first quarter of this year. We have worked closely with the team at Prestige to make this level of activity possible and we’re both delighted with the level of success. We have known the team at Prestige for a number of years but their new product range under the ownership of OneSavings Bank launched in March 2013 resulted in us having a greater need for their product. As a result we invested time in working with them and last month’s outstanding figure was a result of a lot of hard work and effort from the teams of both companies.”

Simon Stern, director at Prestige Finance adds:

“This record month is a huge testament to both our teams. What is particularly satisfying for me is the great relationship that is now firmly established between our two companies. Long may that continue.”