Chetwood Financial acquires buy to let lender CHL Mortgages
UK digital bank Chetwood Financial has acquired buy to let mortgage lender CHL Mortgages to complement its soon-to-launch ModaMortgage’s proposition.
Like CMI, ModaMortgages will be a specialist buy to let lender, with both operating exclusively through intermediaries. However, there will be differences between the two – CMI offers the flexibility of blending technology and manual underwriting across a wide criteria range, while ModaMortgages will provide an automated process focused on fast decisions.
The two lenders will co-exist independently, each with its own brands, products and teams, but who will also benefit from the sharing of skills, experience and expertise under one banner.
Chetwood Financial’s founder and CEO, Andy Mielczarek, says: “CMI is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come.
“We’re excited to see both brands flourish side-by-side – and while they will operate independently, there’s no doubt that having so much specialist lending knowledge and skill within Chetwood will only contribute to their respective successes.”
Terms of the deal, which was sealed following a competitive bidding process, were not disclosed.
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