The new lender to be launched next year by the so-called “famous five” that left HBOS at the beginning of this week will specialise in the sub-prime, self-cert and buy-to-let markets – a mini clone of BM Solutions.
On Monday this week HBOS head of specialist lending Michael Bolton spearheaded a walkout from the group, followed by Alan Cleary, director of Halifax Intermediaries, John Nixon, director of operations at BM Solutions and The Mortgage Business and Rob Williams and Mark Smith, head of underwriting and head of support at BM Solutions respectively. All five left to join London-based private equity firm The Oakwood Group.
Between them the five have some 75 years experience in the UK mortgage market and combined with the financial acumen of The Oakwood Group’s Mike Culhane they look set to take the specialist lending market by storm.
Culhane has more than proved himself on the big bucks financial circuit by orchestrating the sale of small-size lenders Future Mortgages and Mortgages PLC to big money corporations and it’s almost a given certainty that this latest lender will head in the same direction – netting the “famous five” and Culhane a small fortune in the process.
Meanwhile sales staff at HBOS subsidiaries BM Solutions and The Mortgage Business remain upbeat – despite this weeks walkout.
One sales director says: “Yes, it has been a shock. But at the end of the day life goes on and neither BM Solutions or The Mortgage Business will suffer long-term because of these resignations.”