Business
New Funding Agreement with 1st Stop Home Loans
New Funding Agreement with 1st Stop Home Loans.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n \nRNS Number : 1422M Manx Financial Group PLC 21 August 2013 \n \n\nFor immediate release\n21st August 2013\n \nManx Financial Group PLC \n(the 'Company')\n \nNew Funding Agreement with 1st Stop Home Loans Limited\n \n \nManx Financial Group PLC, through its wholly-owned licensed banking subsidiary, Conister Bank Limited ('Conister Bank') continues to extend its distribution network through its pioneering use of Integrated Wholesale Funding Agreements ('IWFA'). \n \nThe Company is pleased to announce that Conister Bank has entered into a IWFA with 1st Stop Home Loans Limited ('1st Stop Home Loans') to provide secured personal loans to consumers. 1st Stop Home Loans will introduce and pre-underwrite loans on behalf of Conister Bank. \n \n1st Stop Home Loans is part of the northwest based financial services group 1st Stop Group Limited ('1st Stop Group') which offers a range of loan products to the retail market.\n \nThis is the second IWFA that Conister Bank has arranged with the 1st Stop Group. On the 24th April 2013, the Company announced that Conister Bank entered into a funding agreement with 1st Stop Car Finance Limited. This agreement has already generated over £1 million of new loans since that date.\n \nJuan Kelly, Conister Bank's Managing Director, observed: \"The UK banking landscape is undergoing significant structural change due to improvements in technology and regulatory pressures. This offers new opportunities for challenger banks like Conister Bank. In particular, we see our Integrated Wholesale Funding Agreement as being the most effective way of servicing the new guard of finance companies that are emerging in the UK SME and consumer markets.\"\n \n1st Stop Home Loans' Directors, Alex Mollart and Mike Gray, commented: \"With the credit squeeze persisting, we see increasing demand for our Home Loans product. Our funding arrangement with Conister has unlocked a key barrier to growth. \" \n \n\n\n\n\nFor further information, please contact:\n\n\n\n\nDenham Eke/Juan Kelly\nManx Financial Group PLC\nTel +44 (0) 1624 694694\n \nRoland Cornish/Felicity Geidt\n\n\n\n\nBeaumont Cornish Limited\nTel +44 (0) 20 7628 3396 \n\n\n\n\n \nTim Blackstone\nBritton Financial PR\nTel + 44 (0) 7957 140416\n\n\n\n\n \n\n\n \n \n \nAbout Conister ...