Lloyds Banking Group stopped accepting mortgage applications from The Money Centre in December and the brokerage was forced to make all of its staff redundant.
Instead of offering buy-to-let broking, the relaunched firm will offer financial advice, consultancy, estate planning, finance and insurance broking and property lettings and management solutions.
Mark Alexander, CEO of the firm, says it has been working on the plans for two-years but fast-tracked its diversification after Lloyd Banking Group stopped accepting its mortgage applications.
He says: “Lloyds decision last year was, undoubtedly, the biggest set-back that we’ve ever encountered. However, it could also lead to our greatest challenges and our biggest opportunity.”
He says ever since the securitisation markets began to collapse in August 2007, its ability to sustain business levels and a profit growth of over 60% per annum were gone.
He adds: “For two years we’ve worked on our diversification business model. We expect our new website to come online this month and to be ready for a full launch by mid April.
“By this time all business relationships will be contracted and training and integration with our panel of service providers and advisors will be completed.”