Complex Prime
Platinum Options is a Hertfordshire based company specialising in the placement and packaging of "Complex Prime" mortgage cases.
In employing only the most experienced of staff, Platinum which is run by Danny Antoniou and Tony Bunting, ensure both personalised and specialist knowledge is applied to your customers' lending needs, in a manner that many lenders simply choose to ignore.
Platinum offers intermediaries access to lending solutions from a small but growing contingent of lenders who seek "prime" borrowers who are increasingly falling outside many lenders' automated credit/risk scoring structures. There are currently 3 small lenders on their panel with a further 2 waiting to join. Platinum also has links to Private Banks and Bridging Companies.
USPs are as follows...
- Remortgages: straight after purchase... no waiting period.
- Lending on value... in some circumstances.
- Defaults or CCJs... considered.
- HMOs acceptable
- No Credit Scoring... cases assessed individually by underwriters.
- Max LTV on residential 75% and 65% on BTL.
- Cases are reasonably priced to risk..... residential typically from 4.19% to 5.75% ... BTL from 5.19% to 6.75%.
Platinum seek "Prime" business where they expect all cases to be able to prove income/affordability and to have no mortgage arrears. Often these cases become "Complex" as a result of a default or CCJ or some other form of adverse history. As a result Platinum's lenders price according to risk, and as such add margins above their normal rates and/or charge fees accordingly.
The agreement Platinum operates with its Panel is that all Residential arrangement fees are charged at 1.5% and all BTL arrangement fees are charged at 2%. Please note that there is a minimum arrangement fee of £3000. Intermediary Proc fees are paid as follows...
Intermediary Fees
Residential
Paradigm Intermediaries, 35bps net (paid direct to broker), 40bps gross, inc 5bps paid to Paradigm. (Minimum proc fee: £700 net, £800 gross)
BTL
Paradigm Intermediaries, 50bps net (paid direct to broker), 60bps gross, inc 10bps paid to Paradigm (Minimum proc fee: £700 net, £800 gross)
For more information, call 07870 656766 or 07776 257062. Alternatively, fill in the form below and we'll be in touch.
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