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12 July 2020

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06/12/2007 - Prestige Controls their Lending Volumes

Simon Stern, Director of Prestige, made the following announcement to brokers today:

'As you are aware, we are in a period the likes of which have never been experienced before. Accepting the fact that a lot of the problems have stemmed from the credit crunch in the USA, the knock on effect in the sub prime market in the UK is now affecting brokers and lenders alike.

At Prestige, our main priority has to be to support as many brokers as we possibly can whist maintaining exceptional levels of service.

Our funding lines though are not open ended and in order to ensure we continue lending for the foreseeable future we have to control our lending volumes on a month-by-month basis.

Regrettably all exisiting or new loans will be subject to a maximum gross loan of £20,000 and will not be able to complete until 2008.

Please understand, this is the hardest decision we have ever had to take but it is being done to safeguard the future of our company and those who work for us.'