Enterprise Group goes into administration
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Enterprise Finance Limited says it has not gone into administration despite its parent company Enterprise Group entering administration on November 27.
Enterprise Finance, which is the secured loan, bridging finance and commercial broker subsidiary of the Group, will continue to trade as normal and says it expects no disruption from the parent company’s administration.
But Enterprise Broker Services which provides non-conforming mortgage packaging services for directly authorised brokers and various network members has gone into administration along with several other subsidiaries.
Enterprise Finance says it expects to process all existing pipeline cases from Enterprise Broker Services so no introducers will lose proc fees from completed cases over the next few months.
Enterprise Finance provides white labelled packaging services to Openwork and Home of Choice as well as directly authorised advisers.
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Readers' comments (13)
payout pete | 1 Dec 2009 1:50 pm
what happens if a buyer can not be found for enterprise finance
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Anonymous | 1 Dec 2009 2:42 pm
How enterprising!
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Anonymous | 1 Dec 2009 4:44 pm
This was on the cards. They have been shedding people and on the broker side for some time. Have stopped using them for a while, hopefully they won't be another TMO and run off with the proc fees (although we have nothing to loose). It is the small brokers who cant afford to not to get paid for the work.
However, it is a pity about Edge, which is a good search system and free to use.
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Anonymous | 1 Dec 2009 5:56 pm
It's a shame about Edge going as this was the Rolls Royce of source engines. There are many source engines out there but I found none to be as fast or as accurate as Edge. Maybe who ever built it will be tempted to bring out a similar version as the market really needs a source engine that can be relied on. Trigold and Mortgage Brain are ok but are antiquated compared to what the Edge was.
I guess its backs to manual sourcing for me!!!
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Henry | 1 Dec 2009 8:53 pm
Anonymous
No need to go back to manual sourcing as I saw Mortgage Brain's new system at Expo - it's fantastic and loads better than their old one
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Anonymous | 2 Dec 2009 11:02 am
"the Rolls Royce of source engines" is one of the funniest things I have read in a while!
Evaluate has been the best sourcing engine on the market for a while now
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Julian Stevens | 2 Dec 2009 11:55 am
It's finance, Jim, but not as we know it.
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Anonymous | 2 Dec 2009 12:47 pm
They started shedding people mid 2007, late 2007, 2008 and now. This wasnt reported anywhere and kept under wraps. Edge is a good system, but there are better out there.
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Anonymous | 2 Dec 2009 2:14 pm
Enterprise will not be missed, I have had nothing but bad to worse experience, as for the Edge it was never accurate, it was a JOKE for a sourcing system. Rolls Royce ha ha
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Anonymous | 2 Dec 2009 4:51 pm
Hello Anonymous of the 1st Dec @ 5.56 pm,,,,, watch this space
And again Anonymous also of the 1st Dec @ 8.53 pm Mortgage Brain’s system is the same as there off line sourcing system (just as flawed)
Oh look another Anonymous !!! 2nd Dec @ 11.02 no not a Rolls Royce more like a Bentley Continental GT,,, speed and performance of a Ferrari with the grace and pace of the Rolls
As for Evaluate, you must work for them, they have been playing catch up ever since EDGE launched !
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