Precise parent rejects buyout bid

Wed 4 May 2016

The private equity firms hoping to buy Charter Court Bank at a knock-down price have been left disappointed after the bank’s investor, Elliott Associates rejected all bids this week. Charter Court, which owns Precise Mortgages and Exact, was on the market for £400m but it is believed that BC Partners, Varde Partners and Warburg Pincus […]

FCA: Brokers are over-relying on one lender

Wed 4 May 2016

Some brokers are sending 80% of their cases to just one lender while prompting the Financial Conduct Authority to warn brokers to review whether they are giving the most suitable advice. Lynda Blackwell, mortgage sector manager at the FCA, told intermediaries at the Mortgage Business Expo in Leeds that the regulator had been looking at […]

FCA: Bridging advice raising red flag

Tue 3 May 2016

The FCA has raised concerns that regulated bridging finance is being recommended to borrowers in instances where a mainstream mortgage product would have been more appropriate. Speaking to brokers at the Leeds Mortgage Business Expo Lynda Blackwell, mortgage sector manager at the Financial Conduct Authority, said: “The recent increase in bridging sales makes us worry that […]

FCA clarifies “independent” and referred advice

Tue 3 May 2016

The Financial Conduct Authority has confirmed that brokers who advise clients to take a second charge but rely on a master broker for the information can still call themselves independent. Speaking to brokers at the Leeds Mortgage Business Expo Lynda Blackwell, mortgage sector manager at the Financial Conduct Authority, said: “Can you keep the ‘independent’ […]

Masthaven COO retires

Fri 29 Apr 2016

Masthaven chief operating officer Stuart Aitken will retire in May 2016 to be replaced by Al Southall. Aitken has been with Masthaven since 2012 after working for the likes of Merrill Lynch, Kensington and Southern Pacific. Jon Hall, managing director of Masthaven Bank, said: “I would like to thank Stuart for all of his hard […]

Crystal Specialist Finance reports bumper first quarter

Thu 28 Apr 2016

Crystal Specialist Finance has issued terms on £401m worth of business from January to March this year as it saw a 96% increase in business levels. During the same three months completions rose by 153% across over 30 different lenders and the business extended its strategically important panel partnership agreement with leading network, The Right Mortgage. […]

LendInvest secures £40m funding line from Macquarie

Thu 28 Apr 2016

LendInvest has agreed a warehouse financing facility with global financial services provider Macquarie for an initial amount of £40m. The facility will allow LendInvest to continue its growth and consolidate its leading position in the UK short-term mortgage market. The Macquarie facility, which can be increased over time, is LendInvest’s fourth bank funding line and […]

NACFB gives expansion update

Wed 27 Apr 2016

The National Association of Consumer Finance Brokers has updated brokers on its expansion plans this year. The association is looking to take on additional manpower, having already advertised for personal assistant and office manager roles, while it is looking to move offices from Hamilton House to accommodate more people. The NACFB, which is supported by […]

Ex-West One boss launches lender

Wed 27 Apr 2016

Ex-West One Loans boss Mark Abrahams has teamed up with Mint Bridging to launch a specialist lender offering first and second charge mortgages, development finance and commercial. The lender, MB Syndicates, will focus on higher value, lower loan-to-value first charge loans between £350,000 and £5m and low risk development loans alongside seconds and commercial. Loans […]

Fortwell funds £11.5m East Dulwich development

Wed 27 Apr 2016

Fortwell Capital has provided a £11.5m facility to fund a residential development in East Dulwich, London with Prime City Developments. Fortwell Capital, formerly known as Omni Capital, funded the acquisition of a light industrial unit spanning 19,289 square feet which comprises of 22 units, basement parking and landscaping. The gross development value (GDV) of the […]