The Loan Partnership, a broker specialising in bridging finance, secured loans and development finance, has been set up in Watford.

Established by John Webb and Andy Pelley, the brokerage will accept business from both the broker market and directly from consumers.

Webb has over 25 years industry experience and is best known for his work at Dial4aloan, a secured loan broker he sold to Cattles Bank in 2002.

Pelley also has 20 years’ experience having worked at Central Trust and Loans.co.uk, serving the latter at director level during its sale to MBNA in 2005, eventually leaving the business in 2008.

Webb said: “It felt now was a good time to return to the finance industry. I have been speaking to Andy over the last couple of years, considering when would be a good time to start a business.

“We met with David Johnson a couple of months ago, and he was so enthusiastic about both the industry and us coming back into the market. After that meeting, and having listened to a couple of other trusted people, we’ve decided now is the time to get things going.”

Pelley added: “When John approached me about setting up in partnership with him, it instantly felt the right thing to do. We are both excited about the future and the opportunities in the market at the moment. We have a clear vision of where we want the business to go, and we will do everything possible to make it happen.”

Colin Sanders, CEO of Omni Capital, said: “As one of the UK’s premier providers of short and medium-term finance, Omni Capital takes great care when selecting the partners with which we work. In making our choices, there are few qualities we value higher than business experience and pedigree.

“John and Andy and the team at The Loan Partnership scores highly on both counts, and we are pleased to be associated with them.”

Simon Stern, director at Prestige Finance, added: “I am delighted that Andy and John have again decided to come back into the secured loan market especially as the market appears to be again growing. Both of them have considerable experience and know-how and I have no doubt they will make a great success of their new venture. We are looking forward to working with them.”