At this uncertain time in the mortgage market it is refreshing to hear of new business start ups, especially within the secured loans industry.
White Label Loans is a recent secured loans venture of West Bromwich Building Society. Although they are naturally taking a cautious approach to the current market, their pilot period has so far proved extremely popular.
When Introducer Today heard of this new addition to the secured loans market, we immediately seized the opportunity to talk to Kam Sanghani, Managing Director of West Bromwich’s new business success.
Speaking on the pilot period of White label Loans, Kam commented, ‘the initial phase has gone extremely well and has enabled us to gauge interest in our product range as well as to determine the quality of the business we are receiving. We are ensuring that the infrastructure is in place for a long term commitment to the market. We encourage customers to provide feedback on our proposition in order to ensure we have the right processes and overall package in place.’
The team at White Label Loans have a wealth of experience working within the mortgage industry, which will help them to prepare for the changing market in 2008. Kam commented, ‘many of the management team started working together at Endeavor Personal Finance, and then moved to set up Kensington Personal Loans and SPPL, prior to creating London Mortgage Company. They have brought with them a wealth of experience of the mortgage and secured loans markets, gained over the last 20 years, including a deep commitment to customer service and a detailed understanding of what brokers want from a lender.’
White Label Loans have already prepared themselves for the regulation changes which are going to be taking place in April. Kam commented on how increased regulation will alter the market. ‘The market will become more transparent with the extension of CCA regulation to all loans. We anticipated and have already adopted changes required by the CCA, for example, all our loans are regulated regardless of loan size. The benefit of being a new player is that we can put the necessary infrastructure in place from day one.’
With a number of businesses within the mortgage sector currently experiencing difficulties, it is refreshing to hear that White Label Loans have examined the market and understand the market’s need to offer borrower’s fair and transparent products. When asked, ‘Why will White Label Loans succeed?’ Kam replied, ‘Well that’s based on the key ingredient in this sector; people having the right people with the necessary experience and dealing with the right people who understand what they are doing and how to package a case.’
Introducer Today would like to wish Kam and his team success in this evidently evolving mortgage market.
Hayley Ray.
Comments
My brother died last year - he committed suicide. He had a loan with White Label. The loan was secured against his property which has just sold. They have acted without any regard for the emotions of the surviving relatives. Faceless inhumans who forget that when they lend HUMANS money that comes with all the EMOTIONS and PROBLEMS that HUMANS have in these troubled times. DO NOT LEND MONEY from these people because they will kick you when you are down.