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Confident Infinity sets up a packager in 10 days

Infinity Mortgages has set up Infocus Mortgage Packaging.

The move to launch a packager comes as Infinity head of marketing Simon Biddle confirms the company it will be relaunching in the market as a lender in the coming weeks after it withdrew early last month.

He says: “We are absolutely confident that we will have new products and a funding line soon. We are in talks with a number of people and we just need to agree the quantum of funding but this could happen in the next few weeks.”

Biddle says the firm is still in continuing talks with its former backer Investec.

He adds that tough decisions have had to be taken over the last few weeks which saw the firm lose 24 members of staff but Biddle says it will not be making any further redundancies.

Infinity Mortgage Packaging already has five lenders on its panel, comprising Amber Homeloans, Preferred, Advantage, Money Partners and The Mortgage Business.

Jason Neal has been appointed managing director of the packager and Biddle says Infocus has already done some business.

“In our original guise, we were a branded lender so we have got a lot of the skills in house so we felt that we could launch a packager. We had our first piece of business this morning and we have effectively brought a packager to the market in just 10 days,” says Biddle.

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