The Secured Loan Lender, Link Loans, Ceases Trading.

Yet another secured loan lender has been forced to close it's doors, the most recent of the many secured loan lenders to go to the wall over the last two years. This secured loan lender is Link Loans who have sadly closed their doors due to being refused any additional funding.

Their parent company Link Lending had been forced to shut down only a few days earlier because their funder Barclays Bank were unwilling to forward any more funds. This going into administation of Link Lending obviously suggested that Link Loans could not be in a strong position themselves.

For a very short time it did appear that Link Loans were confident that they would continue to be funded. Most people in the secured loans industry did however feel that funding was unlikely and that Link Loans were almost certainly going to go down the same route as their parent company.

Link Loans was a fairly recent entrant into the UK secured loans industry. They obtained their business from secured loans brokers and their method of operating was different from that of other secured loan lenders.

Secured loan brokers, with their extensive understanding of each individual secured loan lender's criteria know which lender is most suitable for each individual customer's requirements. This means that before forwarding a secured loan application to any given secured loan lender the broker knows that the application for a secured loan will be acceptable and that his customer will be granted the secured loan funds, as long as all information supplied by the applicant is true.

The secured loan broker did have underwriting guidelines to follow, as with all other secured loan lenders, but thereafter the rest of the application format was a bit different than it was with other secured loan lenders.

Secured loan brokers had to do a credit check for all the prospective Link Loan customers followed by a Land Registery check at the end of which Link Loans had to be provided with all this information. Link could not approve this or otherwise, but they forwarded the facts to their funders to approve the secured loan application.

When Link Loans heard back from their funders, the secured loan broker was told if their application for a secured loan was acceptable or not.

Other secured loan lenders had the authority to approve secured loan applications themselves.

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categories: secured loans,homeowner loans,mortgages,remortgages,refinancing,property