Stonehenge Financial Partner's new consumer loan product which will eventually be securitized may arrive in the form of a credit card, according to a source close to the situation. At least that's one of the possibilities as the unsecured loan offering is scheduled to be unveiled in two months, as the firm continues to mull the best ways to market it to consumers.
The New York-based advisory firm is still in the process of "securing and procuring" the necessary financing for the product targeted at "ultra high credit quality borrowers," according to an insider. The deal was originally scheduled to arrive sometime this month.
The product is intended to capture a niche between the credit card and more credit line-oriented products such as traditional mortgages. An upscale credit card has been discussed as perhaps the most direct way to sell to this target market.
"It could potentially involve a credit card aspect - especially if it turns out that it's a highly favorable feature to have in terms of the sales to the consumer," the source said.
Stonehenge is an issuer/investor advisory firm headed by Richard Sauerwein and Dean Smith. Sauerwein would not name the issuer of the new product, nor would he describe the new debt in detail. - SK