Norton Finance has secured a new financing facility from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).
It will allow Norton Home Loans, part of the Norton Finance Group, to increase its existing first and second charge lending and will also provide additional funding for further growth plans in the future.
These plans include the appointment of new packaging brokers, the development of new direct business from intermediaries and the launch today of a new secured loan product range. It provides loans up to £50,000, rates from 9.90% at 75% LTV and reduced lender fees on smaller loans.
Paul Stringer, director at Norton Finance, said: “We are delighted to have secured financial backing from RBS CIB which is a testament to the Norton Finance Group’s business model and its many years of success in the loans and mortgage market.
“The new funding puts us in a very strong position and will allow us take advantage of the predicted increase in lending in 2014.”
Nick Parkhouse, senior director – FI structured finance, RBS CIB, added: “We’re delighted to close this transaction with Norton and support them in their growth plans.
“The mortgage market is one RBS has good experience in lending to and we are especially pleased to work with a management team who have built such a successful business and to be assisting them in their next phase of growth.”
