Prestige Finance has completed its first new loan since the lender’s relaunch in March as part of OneSavings Bank plc (OSB).

The loan was introduced via master broker Y3S Loans, one of Prestige Finance’s key distributors.

Simon Stern, director of the intermediary dedicated secured loan lender, said it was a significant milestone for how far the business has come since its acquisition.

He said: “The new criteria, which was only launched last month, has been well received and the fact that this loan completed so soon after launch is a testament to the simplicity of the plans and the streamlined underwriting process we have put in place.

“OSB has been very supportive and we are looking forward to building a significant presence in the secured loan market, doing what we do best, supporting the intermediary with great products and service.”

Barney Drake, director of Y3S, added: “We have had a long and successful relationship with Prestige Finance in the past and were particularly pleased to see their re-emergence as part of OSB.

“It is particularly notable that Prestige has managed to maintain the same highly experienced in house team as before, which, allied to their new criteria and underwriting procedures make the Prestige proposition highly valuable to our brokers and their clients.”