ELEP.L Regulatory News (ELEP)

27 Feb 2007 07:05

Elephant Loans & Mortgages PLC27 February 2007 ELEP.L Elephant Loans & Mortgages plc Announces Launch of Ivory Commercial Finance Elephant Loans & Mortgages plc ("Elephant" or "the Group"), the salesdistribution channel for finance providers, today announces the launch of a newsubsidiary, Ivory Commercial Finance ("Ivory"). Based in Elephant's Cardiff branch, Ivory has been established to focusexclusively on customers seeking secured loans and mortgages for commercialpurposes. In line with the Group's existing business model, Ivory will not offerloans as principal but will act as a 'packager'. This means it acts as a channelto market for its finance provider partners, finding suitable customers,conducting initial customer due diligence and completing loan application formswith customers for approval by the actual finance provider. Ivory therefore doesnot bear any credit risk on any finance product. Ivory will be focused on theprovision of commercial finance for sums between £30,000 and £5 million. The establishment of Ivory further expands the Group's product offering, whichis currently focused on the consumer marketplace. Gary Miller-Cheevers, Chief Executive, commented: "Small business owners often face particular difficulties in sourcing suitablefinance. Ivory is well-positioned to advise on available products and helpcustomers through the loan application process. Our customers tell us thatdealing with a specialist in the commercial sector significantly reduces the'application-to-payout' time. The launch of our dedicated commercial finance packager provides an enhancedsolution for small business owners, combining specialist knowledge withElephant's customary high standards of service." For further information please contact: Elephant Loans & Mortgages plc Tel: 020 8892 2777Gary Miller-Cheevers, Chief Executive Biddicks Tel: 020 7448 1000Katie Tzouliadis About Elephant Loans & Mortgages plc http://www.elephantloans.co.ukhttp://www.ivorycom.com Established in 2001 and authorised and regulated by the FSA, Elephant Loans &Mortgages plc is a packager of sub-prime, secured loans and mortgages. Recently,the Group entered the IVA market, with the establishment of DebtSmashers Ltd("DebtSmashers"). Since joining AIM in November 2005, the Group has grown significantly, with itsregional branch network increasing to seven offices. These are located inTwickenham, Ashford (Kent), Peterborough, Cardiff, Oldham, Darlington andGlasgow. The Group's offers a personalised service to its customers from first contact toloan completion, promoting strong customer relationships. Its services aremarketed through strategic affinity partnerships and regionally through targetedradio, direct mail and e-marketing. Towards the end of 2006, the Group entered the IVA market with the incorporationof DebtSmashers. DebtSmashers offers credit management and IVA services workingclosely with a major nationwide accountancy practice, which puts candidatesthrough the IVA process itself. DebtSmashers is also able to market its servicesto Elephant Loans applicants who are declined a loan. This information is provided by RNS The company news service from the London Stock Exchange