Money Partners has launched its direct-to-broker brand Money Partners Touch following the acquisition of brokerage Residential 1 for an undisclosed sum.
The brand will become fully operational in December and offer non-packaging brokers, introducers and IFAs processing and packaging services, electronic decisions, online case management facilities and direct access to Money Partners’ specialist mortgage products.
There will be no change to Money Partners’ existing packaging broker operations and Residential 1’s existing employee terms and conditions are fully protected. There will be no redundancies.
The existing directors and senior management team of Residential 1 will lead the Money Partners Touch propositionThe 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 continue to offer secured loans from a provider panel.
Colin Sanders, chief executive officer of Money Partners, says: “This is an important move for us. The next phase in our development is to take the Money Partners proposition to the non-packaging introducer community.”
Martin Gilsenan, director of 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’ technology and a valued introducer-lender relationship will resonate with brokers.”
Thomas Reeh, chief executive officer at blackandwhite.co.uk, says: “Money Partners’ move highlights how competitive the sub-prime mortgage market has become.”