This business will offer first-charge mortgages to borrowers in Ireland that do not meet the lending criteria of traditional lenders. Kensington will be the majority shareholder in the business with the remainder of the equity being held by the management team. Kensington has the option to buy all of the remaining equity over the next five years.
The Irish business will be led by Ivan Doherty, as chief executive, who has a successful track record in senior positions in Irish financial companies and David Ingram, as chief operating officer, who was formerly with GE Capital.
John Maltby, Kensington Group chief executive, says: “We believe that the combination of Kensington's expertise together with the newly established management teams market knowledge and proven track record, will ensure this new business will deliver a compelling proposition to open-up a new market segment of the Irish mortgage market.”