Evolution Money celebrates 10th Anniversary
18 May 2021
Evolution Money, the second-charge lending specialist, has today (18th May 2021) celebrated its 10th anniversary having lent well over £260 million to over 26,500 customers across the last decade.
Established in the heart of Manchester city centre in May 2011 with just two members of staff, Evolution Money funded its first loan of £750 on 16th May 2011.
Since its launch in 2011, Evolution has grown to employ over 100 employees and been cited as one of The Sunday Times’ Fast Track 100 companies twice.
It now has one of the largest direct-to-consumer sales forces in the second-charge lending market with 44 CeMAP-qualified staff, including nine in Evolution’s support teams, and 100% of its operational Team Managers first joined the lender in a customer-facing role.
Evolution also works closely with the advisory sector and has a range of relationships with introducers and packagers to support a growing number of customers who are suitable for second-charge mortgages.
Evolution Money offers two different types of second-charge mortgage product split between those borrowers using the loans for debt consolidation purposes, and those clients who have prime credit ratings. It recently launched a quarterly Tracker reviewing its internal data and sector experience in order to regularly provide a snapshot of the second-charge market and its key themes.
In 2011, Evolution’s maximum mortgage value was £7.5k and the maximum loan term was seven years; that has now changed to £50k and 20 years respectively.
Evolution Money recently launched a new product range to widen the options for borrowers who have been severely financially impacted by lockdown measures and the pandemic. The new range offers advisers wider scope to serve clients who have missed mortgage payments, seen a change in employment status or have had their credit score adversely impacted since their pre-COVID mortgage application.
Steve Brilus, Chief Executive Officer of Evolution Money, commented:
“A lot has happened in the past year and a half, let alone the last 10 years, and we are very proud to be celebrating our 10th anniversary and to be able to look back on what has been an incredible and eventful decade.
“Our COO, Mat Montgomery, started the business in a small office in the heart of Manchester city centre with just one underwriter, and to look back over the development and growth of Evolution since then, is quite remarkable.
“Back then, Evolution was very much a product of the Credit Crunch and the resounding impact this had on financial services and the wants and needs of borrowers. Ten years on, it’s not difficult to see some similarities with the environment we currently have.
“We launched having identified a large number of disenfranchised customers who had a less than perfect financial history and were struggling to access the funds they needed. Now, as we hopefully come to the end of lockdown and in a post-pandemic world, we’re already seeing homeowners in the same sorts of position, albeit with a wider range of prime borrowers as well looking to access their equity for a variety of purposes.
“Over the past 10 years we’ve created what we think is a very positive culture within the business, and the development of ‘Team Evo’ has been fundamental in that. For us, it’s all about developing the very strongest relationships whether that is internally, with our customers, or with the advisers and introducers we deal with. We want to do the right thing every time, and that drives us forward and will undoubtedly shape the next 10 years.
“Finally, I want to specifically thank the Evolution team and all our introducers, every one of which contributes to what we do and has been instrumental in our achievements and success. It’s purely coincidental that we celebrate our 10th Anniversary the day after pubs and restaurants can open inside again, and while we can’t all meet together yet, we hope all of the team have been able to raise a glass or two to mark this very special milestone for the business. We couldn’t have done it without you.”
Evolution’s full range of products plus details on all its criteria can be found by visiting: www.evolutionmoney.co.uk
