The Financial Conduct Authority (FCA) has authorised Greenfield Capital to offer regulated mortgage contracts.
The lender has taken an extra Relationship Manager to satisfy the demand as it is already experiencing an uplift in referrals of regulated business.
While reflecting on the announcement, Operations Director, David Grant, said: "We welcome being recognised as a regulated mortgage lender.”
He added: “We have worked closely with the FCA over the past few months and have been able to provide all the required documentation to meet their rigorous requirements. Our business is robust and met all the necessary criteria.”
John Yates,, Managing Director, added: "We don't intend to change our core business as we will continue to offer bridging loans, auction funding and property development finance.
“However, there are very few lenders currently doing what we do successfully in the regulated arena. We feel that by widening our product base to include regulated lending we are now better prepared to meet our introducers' requirements and our clients' needs.”
John commented that service will always remain at the core of the lender, from underwriting on day one to crediting an introducer's proc fee on day of drawdown.
The lender promises its products will continue to be competitive, with rates as low as just 0.74 per cent per month for 70 per cent LTV on residential auction purchases.
Short term lender Greenfield Capital boasts a team of five Relationship Managers, which holds over 50 years of lending experience as a unit.
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