Tony Ward, founder of Mortgage Trust and chief executive of Home Funding, brought the intermediary lender to the market last March as a joint venture between Home Funding and West LB Capital Markets.
Since its launch 11 months ago, Basinghall has acquired over £1bn in mortgage assets through portfolio acquisitions, and completed its first securitisation last June to the tune of £600m.
Ward has always declined to disclose the date the lender would start originating loans, but last August told Mortgage Strategy that it would enter with a buy-to-let proposition by the end of the 2006.
A source says: “Ward is hoping that Basinghall will be ready to launch on February 5 with a buy-to-let product, but knowing how meticulous he is in his preparations he won’t let it come to market until its systems are ready.
“The worst thing is rushing to market and then experiencing a system glitch – that would be a killer.”
The source adds that Basinghall does not intend to come to market as flamboyantly as edeus, and that it puts quality above quantity.
Ward says: “We will be launching into originations soon but that’s all under wraps at the moment. We will be going out with a restricted number of decent, well known brokers. We have never intended to be with thousands.
“We want close relationships with big entities. Having many partners makes it hard to control distribution.”
Exclusive distribution is not the only feature Basinghall promises to introduce. Unlike other intermediary lenders such as GMAC-RFC, BM Solutions and edeus it will not go down the automation route, instead offering manual underwriting.