WLB is a specialist bank with a traditional business model of providing savings and lending to both business and personal customers – they are based in Brentwood and Manchester.

The bank was acquired by RBS Equity Finance in January of this year, shortly after which it acquired the new business platform of Commercial First; a commercial mortgage lender.

The bank has been originating commercial mortgage business since April of this year, and the Link transaction enables WLB to accelerate its ambitions in the personal lending markets.

Commenting on today’s announcement, Stephen Johnson, New Business Directorat WLB said:

“WLB has ambitious plans to develop a diversified lending business across a range of commercial and personal lending markets. Link loans has made a real impact in the secured loan market, achieving an enviable reputation for its service delivery and product innovation, and we believe it is a business that will benefit greatly from being part of a specialist bank. These benefits are perfectly illustrated by the exciting range of new products Link is now bringing to the market.”

Philip George, joint Managing Director at Link Loans, added,: “By joining the bank we will be able to leverage our key strengths of product innovation and market leading service, and with access to retail funding we are able to deliver a wider range of even more competitively priced products. We are wasting no time in making this deal work for Link and are delighted to be announcing a complete revamp of our entire product range”.

“We are making a big statement of intent, as the Link product range has been radically extended to cover the whole market up to and including a 7.9 percent product for prime borrowers looking to raise up to £100,000,” he continued.

The news was well received by many master brokers. Amy Smith, New Business Director at Pink Pig Loans Ltd., commented: “Today’s announcement of the acquisition of Link Loans by Whiteaway Laidlaw Bank was announced as “Link is delighted to announce…….” I’d like to mirror this comment, with Amy is delighted and also excited.

“It’s really encouraging to see that direct customer feedback is listened to, which can be seen in their new product portfolio announced today. The lending power of the new company and the new product portfolio, will, I believe, help in providing more opportunities for closer matches and improved solutions for my clients’ multifaceted financial situations.”

Rob Derry, Managing Director at Brunel Mortgages and Loans was also encouraged by the acquisition: “We are a packager for both WLB and Link Loans, so we're pleased that Link are improving their criteria. There are some great opportunities in the new products and I suspect that with the two teams re-united now, both brands can go from strength to strength. This is only good news for us and the many brokers who use our services.

“There is a fair bit of doom and gloom around the world markets at the moment, but this could be a real shot in the arm for brokers with clients who have those non-standard finance requirements. In all of our 25-plus years experience we have worked closely with the teams behind WLB and Link. After three tough years maybe this is the kick-start the non-standard secured finance market in this country needs."

Philip George continued: “Link is now offering a much broader product range at more competitive pricing as we immediately pass on the benefits of being within the bank; it feels good to be able to repay the faith shown in us by our key brokers. We believe we can play a key role in the much needed promotion of secured loans as a viable alternative to remortgaging.”

Whiteaway Laidlaw Bank will be rebranding in the autumn of this year, at which point it anticipates operating all current lending and savings activity under one global brand.