Digital bank acquires BTL mortgage lender


Like CMI, ModaMortgages will be a specialist BTL lender, with both operating exclusively through intermediaries

UK digital bank Chetwood Financial has completed the acquisition of the buy to let (BTL) mortgage lender CHL Mortgages for Intermediaries from Barossa Asset Purchaser Sarl.

Throughout the process, Chetwood, CMI and Barossa have been focused on ensuring there is a seamless transition between owners. CMI will continue to operate as usual with no planned downtime or impact to its lending operations.

The move will also let Chetwood grow its mortgage loan book and extend its reach within the mortgage intermediary market, while CMI’s specialist lending team will complement Chetwood’s soon-to-launch ModaMortgages’ proposition.

Like CMI, ModaMortgages will be a specialist BTL lender, with both operating exclusively through intermediaries.

Nevertheless, 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 who will complement one another, but also benefit from the sharing of skills, experience and expertise by being a part of Chetwood Financial.

Chetwood Financial’s founder and Chief Executive Officer, Andy Mielczarek, notes: When the chance presented itself to acquire CMI, we felt it was simply too good an opportunity to miss out on, so we are delighted that the deal is now complete. 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.

And Ross Turrell, Commercial Director at CMI, says: This is a fantastic opportunity to join forces with a digital bank well established in funding BTL mortgages through the intermediary market. Chetwood’s ambitious growth plans, which include the launch of ModaMortgages, will enable us to continue to develop our competitive product range and broad criteria offering which has been well received by our intermediary partners.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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