Another Lender(s) closed their doors with immidiate effect

UK007BullDog

London Scottish closes broking arm

London Scottish Bank has closed its broking business.

An email from the firm to introducers confirmed the business – which trades as London Scottish Broking, Personal Loan Centre, Easy Loans and Pacific Home Loans – will take no more applications with immediate effect.

Deadlines for the completion of pipeline cases have been established as 16 May for unsecured cases and 30 May for secured deals.

The email concludes: “For pipeline business the final date for receipt of credit agreements will be the 9 May. Any deals received after this date will be sent back immediately. All current secured cases where an offer has been made will continue to be processed in line with the dates outlined in this letter. All commission payable for the pipeline business will be forwarded on the 20 May for unsecured cases and 30 May for secured cases.”

The firm refused to comment on rumoured redundancies.

http://www.mortgagesolutions-online.com/public/showPage.html?page=790802

UK007BullDog

Elephant places subsidiary into liquidation


Elephant Loans & Mortgages Plc has placed one of its operating subsidiaries, Elephant Loans Ltd into liquidation as part of an ongoing restructure.

The firm will now conduct its trading activities through another subsidiary, Elephant Loans (Direct) Ltd. The decision follows the news earlier this month that the company had agreed outline terms on the reverse takeover by Financial Trade Partnership (FTP), which operates the UK’s largest network of secured loan advisers.

Gary Miller-Cheevers, managing director of Elephant Loans, revealed the deal still required the approval of shareholders at a general meeting of the company. He commented: “We are going to merge our broking operations with Financial Trade. We have been looking at this option since the beginning of the year. With the ongoing effects of the credit crunch, companies need to look at their offering to reduce costs. This company fits perfectly with our ethos at Elephant Loans.” Miller-Cheevers confirmed that the company had decided to relocate operations to FTP's new corporate headquarters near Southend in a move that the move is expected to yield cost savings.

The firm has yet to confirm how many jobs will be affected by the liquidation.