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GMAC-RFC sub-prime business quadruples to £1.8bn

GMAC-RFC claims it is the leading lender in the sub-prime sector after reporting a surge in new business last year, with lending up to £1.8bn from £660m in 2000.

Over the past two years, GMAC-RFC says it has quadrupled its lending figures and is now recognised as a major lender in the mainstream market as well as in more specialist areas.

It says it has strengthened its position in the UK mortgage-backed securities market and has securitised over £2bn of mortgage assets. It has completed eight securitisations, with the biggest amounting to £825m.

As part of its objective to be a creator and trader of financial assets, GMAC-RFC will have completed over £1bn of portfolio sales and through lending transactions by the end of the first quarter of the year.

This included deals with Leeds & Holbeck, Skipton and Stroud & Swindon building societies.

Chief executive officer Colin Duggleby says: “We put our success down to a combination of factors including consistently good products that cater for all sectors of the market, our innovative approach to lending and funding, as seen with our development of the correspondent lending and through lending initiatives, and a high level of service to intermediaries which has demonstrated our recent four-star service award.”

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