FRAUD ALERT:
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: financeandcreditcorporationlim@gmail.com . 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

Enquiry/Application for Individual Applicants

 

10 Top Tips for finding the right bridging lender

Latest News


The broker fee debate


Since the financial world was turned on its head the spotlight has been placed quite firmly on lenders. Everything from the way they price deals to their customer service has been scrutinised but recently fees have become the main talking point.
Consumers, aware that they are already facing tough times, want to know exactly what they're paying and why. If they're paying for broker advice they want to know how it's priced and how much they're going to be out of pocket.
The Council of Mortgage Lenders takes the view that as long as the price of the mortgage product is transparent and the sales process is compliant with regulatory requirements, fees or commissions are an individual commercial matter between lenders and brokers.
But has the fee-paying culture changed in the last few years? Has the credit crunch made consumers more or less likely to pay?
For years brokers have not charged a fee directly to their customers, instead being remunerated by lenders through a commission on a product fee. For some brokers this is starting to change.
Rob Jupp is managing director at Brightstar Financial. He says fees are now being charged by a large section of the broker community and this seems to be increasing as mortgage and commercial funding becomes ever more complex.
Indeed, few would disagree that the financial services sector is becoming more complex. As constraints tighten the days of easy money are long gone. The banking crisis has also brought the whole industry firmly under the microscope, something that hasn't gone unnoticed by the industry.
"The financial services industry is very aware of public perception and is protective over its professional status, providing a high calibre service comparable to that of the legal profession," says Andy Young, chief executive at brokerage TBMC. "Therefore, many believe that charging fees is synonymous with providing a professional service. Of course, from a financial point of view, many brokers have felt the need to charge a fee as lender procuration fees have reduced significantly over the last few years."
From a broker perspective this is a critical point. Brokers must make a living and if procuration fees are low it's difficult to do this. While some brokers may be moving towards charging a fee upfront many are persevering with lender commission.
But if brokers are paid fees by lenders through commission, should there be more public awareness surrounding this?
Jupp thinks so. "Clients should always be aware of what fee and income an advisor is earning out of a specific transaction," he says. Mehrdad Yousefi, industry commentator and former head of marketing at the Bank of Ireland agrees. "Consumers should be made aware in the interest of consumer protection and good customer service practice," he says. "You will find this is now fully disclosed since mortgage day; October 2004 as far as first charge mortgages are concerned." Yousefi says many second charge and bridging finance companies also disclose this.
Andy Young believes more public awareness around fees is crucial to the integrity of the industry. "In order to maintain the integrity of the non-regulated sector, it is important to be transparent about fees paid by lenders," he says. "Establishing best practice, including transparency, will benefit the sector and help to avoid unnecessary regulation in the future. Consumers should also be encouraged to ask more questions of their brokers about the products being recommended."
Of course transparency only works if consumers understand how fee structures work. "Many consumers are simply interested in obtaining credit to primarily buy their own home or a property as an asset and do not really understand the fee charging structures very well," says Yousefi.
Young says it depends on the individual, their level of interest and the type of product being offered. "Some products can be quite complex in the way the fees are structured, so the simpler the better," he says. "However, it is good practice for brokers to ensure that their clients properly understand when and why different fees are being charged."
Jeff Knight, marketing expert and former director of marketing at G-MAC RFC does not think consumers are aware of how fees work. "I think consumers are too confused about the whole market, with a perceived lack of deals, mergers going on, concerns about interest rates and general issues of mis-trust," he says. "What really needs to happen is to see what clients feel and think about the issue of fees. We could debate this until the cows come home, but I am not sure that the consumer ‐or the broker - is being put first in this whole debate, which is totally wrong."
Charging a fee upfront may mean consumers are more aware of what they are paying but is this a feasible solution? Knight says this is a decision between the broker and their client. "The broker must consider if it fits their business model and market positioning; from a client perspective, it will have to meet their needs," he says. However, he questions why people seem to have no issue in paying for the services of an accountant or solicitor yet find it different with a broker. "People throw arguments about exams and so on, which is nonsense," he says. "They are all experts in their own areas and I really believe more work should be done in terms of shifting perceptions of the professionalism of the broker community as a whole. This is because the polarisation of fees versus commission is, in my mind, not helping matters. The industry has got to have a more holistic self-examination."
The Retail Distribution Review, to be brought in in 2013, raises the issue of charging an upfront fee, giving brokers the option to do so. But Young says it depends on the complexity of the deal and the basis on which the broker is being employed as to whether a fee should be charged up front. "However, brokers should be entitled to receive an overall payment that is commensurate with the amount of work and expertise required," he says.
In the main, regardless of how a fee is charged consumers want to be assured they are not losing out. In this age of austerity, every penny counts.
Has the credit crunch made consumers more aware of fees and what they're paying out?
What the Brokers say:
Chloe Taverner, head of marketing, TBMC
Due to the media attention given to the credit crunch and its impact on the economy, most consumers are aware that access to finance is more difficult than before. However, the overall awareness of fees probably remains unchanged, as consumers generally only consider them when they are looking for a product. But as there is now a more limited product choice and lender requirements are more stringent, consumers may be more accepting of fees being charged.
Melanie Bien, director, Private Finance
Times are hard and soaring inflation means the rising cost of living has made most of us look more closely at where our money is going. Clients do seem to be haggling harder than ever over fees but most are willing to pay a reasonable fee for good advice and excellent service so as long as brokers deliver on these, it shouldn't be a problem.
Fahim Antoniades, group director, Mortgage Centre IFA
I think the credit crunch has made us all more cost conscious of everything. Consumers expect to get the best deal possible and, given that many mainstream brokers are facing competition from direct to consumer offerings such as those from HSBC and the Post Office for example, we have increasingly seen many waiving their broker fees. However, interestingly enough, the other side of the coin has been that in many cases, where more specialist advice is required, consumers are finding it harder than before in getting lenders to accept their case ‐ especially high-street names. In this instance, consumers find that the specialist advice from brokers is worth paying a fee.