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.
Want to find out more about secured loans, then visit Liz Moir's site on how to choose the best secured loan for your needs.
categories: secured loans,homeowner loans,mortgages,remortgages,refinancing,property
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Comments on The Secured Loan Lender, Link Loans, Ceases Trading.
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Hold on. A corporation in Chapter 11 can do exactly this – restructure the loan and mortgage obligations. This sometimes means that lenders take back the assets but not always. Often, for instance, they take equity instead of the debt (or the asset), and most of the time the total value they receive is lower than the value of the initial debt. When you are high on the pecking order (as secured loans would be), you receive more of course.
Why not allow this for individuals? Lower the principal, get part of the equity, for instance?
As for the lower interest payments, this essentially implies below market which is also a write down for the bank.
From experience in the UK, mortgage misselling can range from the broker having ‘too close’ ties with a solicitor and selling a property that floods all the time but not mentioning this to the surveyor or buyer (as we have read in the broadsheets recently).
However, the FSA has limitations on what it can class as a mis sold mortgage and hence what it can payout on with its compensation pot.
As a company dealing with this kind of thing we have seen cases where hidden secured loans have been attached to the mortgage without any notification and the payments have stacked up over a long period of time and ruined the credit history of these poor victims.
Question on election financing and parties and banks:
Since major parties get a percentage (60%?)of their total expenditures paid back to them after a campaign via a cheque issued under the authority of the Election Act, does it not therefore follow that any financeer in the business of making secured loans would be pleased to count that guaranteed return as good collateral for a loan?
If this is so, then is it not true that none of the major parties really has to worry much about being able to find the money for at least a reasonably funded campaign during the writ period? Yes or no?
- JV
Jerry J wrote:
"There is a huge story hiding in second mortgages."
The second lien sticking-point
Feb 05 15:05 – F.T.com – excerpt
"But there’s one big thing standing in the way of principal reduction; second lien mortgages, or second mortgages taken out on a property (like secured loans on mortgaged properties in the UK).
Normally second lien mortgages rank subordinate to the first mortgage (first lien). In principle, that means if the property is sold or the borrower defaults, the first lien lender is first in line to get the resulting money, followed by the second lien lender.
When mortgage modifications like Hamp come into play, that traditional priority order is reversed. The borrower is paying the Hamp-modified (i.e. lower) first lien amount, and the full second lien amount, so the second lien effectively becomes senior to the first.
When principal reduction comes into play, the problem becomes even starker. Current rules say that first lien mortgages can’t be written down before the second.
So second lien loans are a rather big-stumbling block in the Treasury’s mortgage programme. To make matters worse, as we’ve noted before, banks are some of the biggest holders of second mortgages."
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