Once FNMC knows what kinds of opportunities are available, it can create a business structure, Lindley said.
Not all projects need to be larges ones; Lindley said the FNMC is happy to start small and work its way up.
Lindley said feedback from First Nations and mining companies is welcome, as the concept will evolve as FNMC moves forward.
Given these factors, FNMC
's Klein says, "There's a greater risk of making a big mistake, like losing control over quality and compliance, not knowing what's in the pipeline and failure to communicate through multiple servicing sites."
'FNMC will occupy a distinctive position in the UK mortgage market, developing approaches that will bring direct benefits for customers and will, ultimately, improve the way a large group of borrowers are catered for,' said sales director Ron Howell said.
FNMC's willingness to take risks on loans that others would not consider is reflected in the fact that interest on the Fresh Start range start at 1.25 per cent above its standard variable rate of 7.74 per cent.
FNMC offers loan to value mortgages ranging from 60 per cent up to 95 per cent with interest rates depending on the proportion of the loan and on whether borrowers 'self-certify' their earnings, ie state that they can meet repayments without proving their income.
To calculate how much customers are able to borrow on Fresh Start mortgages FNMC will multiply the first household income by up to 3.5 as well as taking account of a second income.