Master broker Promise Solutions has completed a loan for £199,000 including fees, which represents Nemo’s largest ever loan.

This follows the recent revision of Nemo’s criteria. Nemo increased its maximum loan in January from £100,000 to £200,000 and also introduced a rate of 5.59%.

“The industry has been waiting for more lenders to offer improved terms on larger loans and both Nemo and Shawbrook have made a huge difference with their recent criteria enhancements,” said Steve Walker, managing director of Promise Solutions.

“This particular case was from high quality applicants but could not be placed previously.

“Promise liaised with the broker regularly as new products were announced and the new Nemo product provided a perfect solution allowing the borrowers to consolidate an existing secured loan, £100,000 worth of unsecured debt and reduce their monthly outgoings by £1280 per month.”

Walker added: “with the emergence of the lower rates and larger loan amounts from Nemo and Shawbrook, many more brokers are looking at secured loans as a competitive alternative to a remortgage especially as both lenders will lend up to ‘six times’ income multiples.”