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GMAC-RFC set to design sub-prime loans for Chelsea

Chelsea Building Society has chosen GMAC-RFC to help it extend its range of sub-prime mortgages.

Chelsea was the first high-street lender to launch a range of non-conforming products under its own name in 1998.

The society says it chose GMAC-RFC as its partner after considerable research of the sub-prime market, following a number of approaches from different lenders.

General manager (sales) Marilyn Corke says: “We are confident with the service and menu-style products that GMAC-RFC has on offer and the depth of experience they have in dealing with building society customers. We are pleased to be able to supplement an already highly successful range of products with an arrangement that will undoubtedly help even more of our adverse-credit applicants find a suitable mortgage.”

GMAC-RFC head of marketing services Jeff Knight says: “We have been seeing a real growth in the innovative lender partner programme, which brings benefits to intermediaries, customers and lenders alike, and are delighted to be now working with Chelsea.”

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