Infinity Mortgages, the sub-prime mortgage lender, has announced its first mortgage completion under its own sole brand.
Infinity is funding its mortgages through a financing deal with Investec, the specialist banking group listed on both the London and South African Stock Exchanges. This deal is Investec’s first venture into the UK’s sub-prime mortgage market.
Matt Gilmour CEO of Infinity, says: “We have achieved exactly what we set out to do. We are the only privately-owned independent mortgage lender in the market which gives us the flexibility to react to market changes quickly. Infinity is run by entrepreneurs for entrepreneurs. We understand that intermediaries demand quick and efficient service that many lenders promise but fail to deliver”.
Ravi Takhar, chairman of Infinity, adds: “We have kept our independence to ensure that we continue to focus on our key strengths of delivering service efficiently and on a personal level to our broker clients. To date our brokers have been able to contact any of our senior management directly, all our contact numbers are on our website – no other mortgage lender in the UK market offers such accessibility”.
The deal was completed within a very short time frame with Andy Clapham, head of principal finance at Investec.
Clapham says: “This deal gives Investec a point of entry into the UK sub-prime mortgage market. The attraction of this deal is the strength of Infinity’s model for business and management team. We have complete faith in Infinity’s ability to deliver mortgages in the volume that we require”.
Under this funding deal Infinity retains all customer contact for duration of the mortgage.
Prior to the Investec deal, Infinity’s mortgages were funded by Mortgages PLC. Gilmour says: “We thank Mortgages PLC for their invaluable support during the past 18 months. It is however time for us to leverage our independence”.
Infinity Mortgages has been authorised by the FSA to conduct lending activities since October 31 2004 and have been full CML members since September