Submitted on Saturday 17th May 2008
Salt goes out of season
Salt Commercial a subsidiary of the Derbyshire Building Society stopped lending this month announcing after a flurry of applications that they had spent all their funds for this year and would be laying off staff. Fair enough but the way they handled it was rank amateur and caused big challenges for brokers and their clients with complaints flying around like confetti.
Basically they refused to honour their pipeline having let it sit their for days and used in our opinion the flimsiest excuses to wriggle out of honouring existing agreements. Shame, new boys Salt had new ideas and products but as soon as the going got tough they retreated to the hills unceremoniously leaving the veterans to clean up their mess. Next time they come back to the table let us hope they work out how to run a business first.
