It has been brought to our attention that a scam loans company called Loan4Help has been committing fraud by claiming to offer or advance “loans” to borrowers whilst pretending to be a trading company of Finance and Credit Corporation Limited. It is not. Loan4Help has absolutely no connection to Finance and Credit Corporation Limited.

It has also come to our attention that a third party has been contacting borrowers on a fraudulent basis by purporting to be Finance and Credit Corporation Limited and claiming to offer or advance “loans” to borrowers. This third party has been contacting borrowers on an unsolicited basis via the following email address: . Please note that our company Finance and Credit Corporation Limited is in no way connected with the third party and does not use or operate that email address.

These operations have been cold calling and emailing members of the public, fraudulently pretending to be or to be connected with Finance and Credit Corporation Limited, asking for upfront fees from borrowers and advancing monies in relation to purported “loans”. They have also sent documents to borrowers which fraudulently claim to contain the signature of the Managing Director of our company.

These operations have also been using the following telephone numbers to contact consumers: 0203 129 2514 and 0238 106 0723. They may also have been operating from other telephone numbers and email addresses.

Please note that Finance and Credit Corporation Limited does not cold call, send unsolicited signed “loan agreements” or ask for upfront fees. We strongly suggest that you call our Managing Director Elio Astone on 020 7722 7547 in advance of proceeding with any “loan” or if you have any further questions.

If you are contacted by Loan4Help, or any of the companies which appear to be involved in these frauds, you should also report them to Action Fraud on 0300 123 2040.

Bridging LoansClear & Simple

Fincorp is one of the UK's most established and respected bridging loan companies. For more than 25 years the company has been providing 1st and 2nd charge bridging finance on residential properties in London and Southern England. Our bridging loans vary typically between £100,000 and £10 million, and we lend up to 70% value of the property secured on the property. And because you deal only with decision-makers, your bridging loan requirements are always dealt with quickly and with the minimum of fuss.

Why Fincorp for Bridging Loans?

We're a Principal Lender. Customers are able to get a decision quickly on their bridging loan without having to wait for authorisation from anyone else. And there's no back-tracking at a later date. So that means when we say yes to a loan, we mean it.

Our approach to business is summed up in two words, Clear and Simple. We believe that bridging lending is a straightforward business, all too often complicated by lenders with their lack of transparency and reliance on the small print. We work hard to make your dealings with us as clear and simple as possible.

Our Criteria

  • Principal Lender
  • 1st and 2nd Charges
  • London and South East
  • Residential properties
  • Bridging Loans from £100,000 - £10 million
  • Up to 70% LTV

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Latest News

FCA will regulate second charge loans like first charge mortgages

The Financial Conduct Authority is likely to crack down hard on second charge lending over the next two years after supervision of the sector moves under its jurisdiction in April this year. Bridging lender Fincorp, which offers second charge loans currently, believes that April’s switchover of supervision powers from the Office of Fair Trading to the FCA is only the beginning of a much tighter regime for second charges.

Although the FCA has yet to release full details of its plans for the second charge industry, Fincorp says that eventually regulation of the second charge market will fall into the same bracket as first charge Mortgage Conduct of Business and could be subject to the Mortgage Market Review rules.

Responsibility for regulating second charge mortgages will transfer to the FCA alongside the wider transfer of consumer credit regulation on 1 April 2014. While practically speaking not much is expected to change for brokers and lenders on this date, by April 2016 the FCA has said it hopes that all second charge firms will be fully authorised under a new regime.

This will lead to extra FCA fees and more compliance for those wishing to conduct second charge business in the future.

Nigel Alexander, director of Fincorp, said: “It may take the FCA a while to move the whole market from a Consumer Credit frame of working to a fully regulated one, especially since we haven’t yet seen its final decisions on how second charges will be dealt with from April, but I suspect over the next 18 months to two years secured loans will come to be treated exactly the same at first charges.”

Alexander believes that this move would “make perfect sense” given the risks posed to consumers who take second charge loans.

“In my opinion second charge loans should be regulated exactly the same way that first charges are,” said Alexander.

“It doesn’t seem right that borrowers have to go through very rigorous affordability checks and show their repayment method to get a 50% loan to value deal on a first charge but then have far fewer checks in place on the second charge loan.”

And he added: “In some cases second charges can take the debt to value ratio on a property up to 90% between the two loans but only part of the loan falls under the affordability rules in the Mortgage Market Review – it’s the same borrower and the same house. It just doesn’t seem right that this should be the case.”

Traditionally, second charge loans can be used by those who may have difficulty obtaining credit by other means and as such have often been sold to borrowers as a way to consolidate their debts.

But defaulting on a second charge loan can lead to possession of the borrower’s property which means the product is considered to be high risk under the OFT’s approach to regulation and which Fincorp thinks will be a red flag for the FCA after April.

Alexander added: “I should think the FCA will be particularly interested in making sure lenders and brokers offering second charge loans are just as careful and rigorous about who they lend to as mainstream mortgage lenders are. Particularly as borrowers who overstretch themselves run the risk of losing the roof over their head. I’d guess that this will come in the format of the same affordability checks as first charge lenders have to use in MMR.”

The latest statistics from the Finance and Leasing Association show that last year saw a strong performance in the second charge mortgage market with gross lending rising 37% to £445 million.

Figures from the OFT show at their peak in 2006, new advances in the second charge market were estimated at approximately £7 billion. In 2008 they were closer to £3 billion with average loan sizes around the £20,000 mark.