Duncton is putting out a
clear call for more broker business, as it pursues hefty growth
targets in the wake of a “landmark” refinancing deal.
The agreement, signed towards
the end of November, saw the independent lender take on significant
extra lending ability through a funding method that managing
director Peter Minter said had not been used before in the
sector.
Go deeper with GlobalData
The identity of Duncton’s new
funder is to be revealed in the new year, although it is known to
be a “sizeable” non-bank UK investment management
company.
Duncton’s book, the majority
of which comprises broker-introduced business at the top end of the
non-prime market, held a value of £40m at the start of this
year.
FLA board member Minter could
not specify the scale of the refinancing, but underlined that this
book size would be significantly increased “over the next year and
considerably beyond”.
He added that the “lack of
competition in the independent sector” would do a lot to aid
Duncton’s plans for rapid expansion.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to Minter, the
company had already seen an increase in business written in
the
few weeks since the deal was completed.
“We are certainly encouraging our brokers to build their
businesses with us for the long term and will be looking to develop
the scale and depth of our existing distributor relationships,” he
said. “We’ll also be looking to develop new distributor
relationships that will allow us to deliver the significant growth
targets we have.”
