Unity Homeloans will continue to be funded by Investec when it relaunches it sub-prime product range.
This comes after Infinity Mortgages – which withdrew from the sub-prime market at the same time as Unity Homeloans and also backed by Investec – has stated that it is currently talking to other potential backers as Investec has not been able to guarantee it a funding line going forward.
Chief executive Paul Thomas, who has been seconded over from Investec as a replacement to former ceo Ian Nelson, says it is currently working on its next securitisation issue and new range of products.
“We still have the same plans in mind and Investec will be providing the funding for Unity. We still can’t commit to a specific day for when we will be re-launch our products but we do intend to come back to the market”, says Thomas.
He says that althought there is no sign of improvement yet in the market there are a few more deals being done but it is still very early days.
Thomas adds: “We’re currently completing our pipeline business at the moment.”