Promise Solutions has exclusively launched Equifinance Plus, the latest lender to join the secured loan market.

The product is aimed at the higher LTV applications where clients may have too much adverse credit for most other lenders and they only require a small advance.

Promise Solutions said this is an area of the market currently occupied by First Stop Finance and Evolution Loans; however, it argues that Equifinance Plus is unique because “it empowers introducers and Promise Solutions to provide accurate quotations at the outset and control the entire sales and packaging process”.

Equifinance Plus has schemes to accommodate mortgage arrears, defaults and CCJs in the last six months with LTVs up to 100%.

Steve Walker, managing director at Promise Solutions, said: “We are pleased to again be the first packager to bring a new lender to market. This was made possible primarily because we control the only loan sourcing system which supports the entire secured loan market and adding Equifinance Plus as a new lender was relatively simple.

“Brokers can now source accurate quotes from Equifinance Plus as well as every other lender in the sector and Promise can now provide Equifinance Plus written loan agreements and detailed information for brokers to discuss with their clients. We know that this is something brokers want.”