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Elephant Loans & Mortgages
- BY: Andrew Hore |
- POSTED: 26/10/2007 |
Loans packager Elephant Loans & Mortgages hasn’t been immune to the problems in the sub-prime loans market.
Sales in August and September slumped because the lenders were reconsidering their products and it took much longer to complete loans. This means that profits for the year to March 2008 will be below expectations.
There has been some improvement in the second half of the financial year, though. Tighter lending requirements of the main lenders have pushed additional people into the sub-prime market and thereby increased the number of enquiries.
Elephant is cutting costs by closing its Ashford, Peterborough and Cardiff offices and handling the business from the Twickenham head office. All the branches being closed were opened in the past two years.
Chris Backhouse was appointed finance director at the beginning of October. Interim results will be published in December.
The DebtSmashers IVA introduction business has been hit by the uncertainties in its market. A joint veture has been set up where Elephant owns 49% and Philip Grady owns 51%. The joint venture will refer all potential loan clients to Elephant.
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