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20 April 2024
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05/11/2007 - Money Partners Withdraws From Secured Loans |
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Adam Henry, Director of Secured Lending states:
We introduced our current range of Axis Loans to reflect prevailing market conditions. And while not as attractive as we would have wished, it has allowed us to maintain a symbolic presence while exploring other funding possibilities. Disappointingly, no fresh opportunities have presented themselves for the simple, but unhelpful, reason that institutional investors are continuing to shun secured loan-backed assets and transactions, regardless of their underlying quality. We do not expect this to remain the case over the longer term, but in the short term it is forcing lenders to make difficult decisions. We are not immune from this, and so despite our best efforts have reluctantly decided to withdraw temporarily our secured loan products. We will, however, remain a provider of specialist first mortgages, for which there is greater market appetite. I would like to end by assuring you that Money Partners remains absolutely committed to the secured loans market. It has been a good friend to us in our short but successful history, and we temporarily leave it with great reluctance and not a little emotion. But we believe this is the right tactical decision at this very difficult time. |
