Blemain and Nemo – keeping the dream alive
To say that the secured loan sector has been decimated over the last 18 months would be like accusing Tiger Woods of a ‘few indescretions’.
Those who have worked and still work in the sector, either for a broker or a lender, have gone through a simply horrendous time and kudos must go to any broker that has been able to hang on and survive throughout this period. Not only was there a shortage of products but there was a distinct shortgage of lenders and if it wasn’t for two of them remaining in the market (and more importantly), accepting new business, there would not be a secured loans industry.
Nemo Loans and Blemain Finance have literally kept the industry afloat.
Of course there have been other lenders such as Link Loans (old and new incarnation), Prestige and Swift who have remained in the market but as their distribution was restricted to just a few intermediaries and to small lending limits, I think that most brokers would agree that it is these two firms who have kept the industry going and offered brokers a solution and for that they deserve our respect and admiration because without them, secured loans would not exist as a viable product for brokers.
So the next time you place a case with Nemo or Blemain and you moan and groan because they are slow to process it, limit the borrowing or ask for more information, remember that at least they are in business and accepting your cases and without their prudent management over the last 18 months, they would have gone the same way as First Plus or Paragon and for that we owe their management teams a huge debt.
