Overview:
- Entities Involved: UK digital challenger Chetwood Financial and CHL Mortgages for Intermediaries (CMI), purchased from Barossa Asset Purchaser Sarl.
- Purpose: Expansion of Chetwood’s mortgage loan book and increased presence in the mortgage intermediary market.
- Transaction: Undisclosed amount.
Operational Impact:
- CMI Operations: Will continue “as usual” with no planned downtime or impact on lending operations.
- Integration: CMI’s specialist lending team will support Chetwood’s upcoming ModaMortgages proposition.
Differences Between CMI and ModaMortgages:
- CMI: Combines technology with manual underwriting across a broad criteria range for flexibility.
- ModaMortgages: Offers an automated process for swift decision-making, operating as a specialist buy-to-let lender.
Operational Independence:
- Both CMI and ModaMortgages will operate independently, each maintaining its own team, brand image, and products.
Comments and Future Plans:
- Andy Mielczarek, Founder and CEO of Chetwood: Acquisition of CMI was a prime opportunity due to CMI’s established and respected brand in specialist lending.
- Future Ambitions: Plans to further grow operations in the coming months and years.
Company Background:
- Founded: 2016
- Location: Wrexham, UK
- Recent Appointment: Julian Hynd as Chief Operations Officer in late 2023.
