Promise Solutions is now distributing an unsecured loan product which will accept adverse credit or consider other non-conforming borrower scenarios.

The product, being offered by an undisclosed lender, is an unsecured loan from £5,000 to over £100,000. Rates start from 9% and payment terms up to 30 years are available.

Repayments can be added to the loan where affordability is not proven and it is available to both homeowners and tenants.

The deal involves the borrower’s pension.

“This is a ground breaking product,” claimed Steve Walker, managing director of Promise Solutions. “This loan is ideal for purchase deposits, remortgage shortfalls or for business ventures, particularly where there is adverse credit, lack of provable income or no available equity. It is also open to homeowners and tenants throughout the UK, including Northern Ireland and the Channel Islands.”

Walker added: “Borrowers need to have a pension which is capable of being transferred in to a SIPP which gives the lender comfort, in the long term, that borrowers will be able to repay the loan. For example, if clients can’t afford capital and repayment, we can consider interest only, or full roll up of interest and repayments to be recovered from the tax free lump sum at age 55.

“Each client receives individual advice regarding the product but introducing brokers get the opportunity to liaise with their clients and offer further advice or guidance.