Money Partners has revealed the total acquisition of Residential 1 in order to launch into the direct-to-broker market through direct channel brand Money Partners Touch.
Money Partners Touch is the new direct-to-broker operation of Money Partners dedicated to non-packaging brokers, introducers and IFAs.
Operating out of Bromley, south London, it will provide introducers and advisers with processing and packaging services, electronic decisions, online case management and direct access to Money Partners’ full range of specialist mortgage products.
The Money Partners Touch brand will be launched to intermediaries at this year’s London Mortgage Business Expo and commences full operations in December 2006.
There is no change to Money Partners’ existing packaging broker operations, and this channel will continue to be served direct by the specialist lender’s dedicated underwriting and sales support teams based at its head office.
Money Partners Touch is launched following an agreement that will see Money Partners acquire Residential 1, an established business-to-business specialist broker-packager based in Bromley.
Under the planned acquisition, existing employee terms and conditions are fully protected and there will be no redundancies.
Employees of Residential 1 will become employees of the Money Partners group representing Money Partners Touch.
The existing directors and senior management team of Residential 1 will lead the Money Partners Touch proposition.
The Residential 1 brand survives as a wholly-owned secured loans broker subsidiary of Money Partners.
It will operate with a separate management and staff, and will continue to offer secured loans from a panel of providers.
Colin Sanders, chief executive officer of Money Partners, says: “This is an important move forward for Money Partners.
We have deliberately controlled our growth and distribution in our first two years of operations.
This has enabled us to build a profitable business in tough market conditions while preserving service excellence.
Our core broker-packager partnerships have made this possible, and they remain the bedrock of our business.”
He adds: “The next phase in our development is to take the Money Partners proposition to the wider, non-packaging introducer community.
We’re not the first to do this and I won’t try to gloss it up as a ‘next generation’ offering.
What we will do is keep it simple and straightforward because we want introducers to have access to our products in a way that works for them and their clients.
Having personally known the senior management at Residential 1 for many years, I can think of no better team to make this a reality, and I’m confident of its success.”
Martin Gilsenan, director Residential 1, says: “We’re relishing the opportunity of taking the Money Partners Touch proposition to the wider broker community.
We believe the combination of Money Partners’ award winning technology and a real and valued introducer-lender relationship will find resonance with mortgage brokers at this time.
This deal reflects the hard work and dedication of the team at Bromley in establishing Residential 1 as a successful business over the last three years.”