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Park Row new arm aims for non-conform market

Park Row Independent Mortgages is launching into the non-conforming sector through a new sub-prime division.

It has created Park Row Specialist Lending in partnership with packager The Mortgage Placement Company to offer loans, including self-certification and right to buy, through its 280 advisers and will pay a procuration fee of 1.75 per cent. It is also setting up a phone and internet advice service.

Its new in-house dedicated packaging centre dealing exclusively with non-conforming borrowers will have its own underwriting team giving agreements in principle in two hours and conditional offers in 24 hours.

Until now, Park Row had to outsource specialist applications to external packagers which was often less efficient and offered less competitive rates than doing it in house.

In a separate move, a new phone and internet advice service is being set up on the back of its exclusive deal with Smart New Media which works with new homebuilders to generate and manage prospects.

Park Row expects to generate around 4,000 mortgage advice enquiries a month over Smart&#39s two websites which cover 60 per cent of the new build market, taking its total number of monthly leads to more than 6,000.

Park Row Independent Mortgages managing director Kevin Paterson says: “If we are going to be a truly independent broker, we have to work across the whole market. By taking the step of setting up our own packaging operation with in-house underwriters, we can offer an efficient and transparent service with competitive rates and imp-rove our client offering.”

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