Major Affinity Partner Deal

4 Sep 2007 07:00

Elephant Loans & Mortgages PLC04 September 2007 ELEP.L ELEPHANT LOANS & MORTGAGES PLC ("Elephant Loans" or "the Company") Announces Major Affinity Partner Agreement Elephant Loans, the fast growing sales distribution channel for specialist lenders, is pleased to announce that it has signed a major affinity partnership agreement. The agreement takes immediate effect and the Directors of the Company believe that, given the volume of referrals that are planned to arise from the agreement, this is a very significant development. As certain aspects of the agreement are subject to a confidentiality clauseuntil the official launch of the partnership, Elephant Loan's partner cannot benamed in this announcement. However a further announcement will follow in duecourse, prior to the official partnership launch. Under the terms of the three year agreement, Elephant Loans will exclusivelyreceive lead referrals of individuals currently experiencing debt repaymentdifficulties; the Company will advise these individuals on loan solutions, orremortgage debt consolidation solutions, where this is appropriate. Through Elephant Loans' long established relationships with the leading specialist lenders, the Company will be able to advise on secured loans, unsecured loans and remortgage products. It will complete the necessary credit checks and application packs, passing these onto the appropriate specialist lender for approval. It should be noted that Elephant Loans does not bear any credit risk on loan agreements made and that debt resides on the balance sheet of the lender. Gary Miller-Cheevers, Chief Executive of Elephant Loans, said, "This is a significant development for the business and I'm delighted to bemaking this announcement. Whilst our agreement is subject to a confidentiality clause prior to theofficial launch, we expect the contract to generate a significant number ofloans and remortgage completions whilst providing customers with a viablealternative to the clearing banks." For further information please contact:www.elephantloans.co.uk Elephant Loans & Mortgages plc T: 020 8892 2777Gary Miller-Cheevers, Chief Executive ARM Corporate Finance T: 020 7512 0191Nick Harriss SVS Securities T: 020 7638 5600Ian Callaway Hichens, Harrison & Co. plc T: 020 7588 5171Peter Trevelyan-Clark Biddicks T: 020 7448 1000Katie Tzouliadis This information is provided by RNS The company news service from the London Stock Exchange