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Newton Fallowell launches Caan vendor loan

Lincolnshire-based agency Newton Fallowell has launched a vendor loan on behalf of millionaire entrepreneur and lead judge for The Negotiator Awards 2010, James Caan.

The vendor loan is interest-free and can be used in two ways. Vendors can either use the cash to cover their own agency and legal fees, or to cover the stamp duty and legal fees for prospective buyers of their home.

It is the second phase of Caan's property strategy, which he launched last year in his capacity as chairman of property portal, Look4aProperty.com.

Phase one comprised a £1bn fund offering interest-free loans to buyers, backed by Hitachi Capital Consumer Finance.  

Aaron Turner, founder of the portal, says: "Why wouldn't vendors use the interest-free loan to cover their own fees rather than break into any equity in their home, which could result in them having a reduced choice of remortgage deals?

"Alternatively, vendors can use the loan to help prospective buyers, which could be the difference between a deal or no deal."

He adds: "It's great marketing tool, which agents are welcoming with open arms. They are simply fed up with having to drop their pants on fees all the time."

Caan says: "It was the obvious next step to give the country's housing market a boost. We set out to bring liquidity to the market. To do that, we need people buying and selling."

 

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