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Portillion sets launch date of January 1

Portillion plans to launch on January 1 2012, after securing investment of over £58m from SBI Group of Japan.

Mortgage Strategy revealed in May that the would-be lender has applied to the Financial Services Authority for its authorisation after securing capital from an unnamed investor.

But its accounts for the year ended December 31 reveal that SBI Funding will fund its working capital requirements through to an assumed launch of January 1 2012 and will also provide the necessary tier 1 capital at launch.

It recieved £6.5m on April 8 and £51.7m on April 28 2011.

It has applied to the FSA to become a mortgage lender and retail deposit taker and says it believes there is a gap in the market for a new internet based savings proposition.

The accounts show Portillion Holdings Limited made a loss for the year of £5.1m.

Gerald Gregory was appointed chairman of Portillion in February after Stephen Knight stepped down after being diagnosed with a brain tumour.

In his chairman’s statement in the accounts, Gregory says: “The board remains convinced that an opportunity exists in today’s market for a new intermediary focussed mortgage lender and retail deposit taker.

“We are delighted that the SBI Group share this view and were willing to invest in the company to enable Portillion to come to market.

“We are also pleased to have the continuing support of our investors, including RIT Capital Partners plc and philanthropic interest associated with Lord Rothschild.”

Gregory says Portillion will compete in the mortgage market on product design, speed to market and excellence of service, with a web based application system.

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  • Jon m 8th November 2011 at 1:52 pm

    New products to get through FSA loopholes, more irresponsible lending to come no doubt…. Just what we don’t need.

  • Dennis Jason 28th June 2011 at 2:51 pm

    Don’t hold your breath – with a management team from GMAC, stroud and Swindon and Britannia (where are they now?) – and some big names taking two years plus to get through the authorisation process, 1st January seems optimistic – and don’t they know the 1st is a Bank Holiday! Maybe they should go for the 2nd January – 2013

  • Dennis Jason 28th June 2011 at 2:50 pm

    Don’t hold your breath – with a management team from GMAC, stroud and Swindon and Britannia (where are they now?) – and some big names taking two years plus to get through the authorisation process, 1st January seems optimistic – and don’t they know the 1st is a Bank Holiday! Maybe they should go for the 2nd January – 2013

  • Maurice Edgington 28th June 2011 at 11:42 am

    Best wishes to Portillion. I can’t wait. We really do need something new.

  • Bob Singh 28th June 2011 at 9:53 am

    I wish Stephen a speedy recovery and Portillion every success on launch.

  • chris gardner 28th June 2011 at 9:03 am

    Well done to the team at Portillion – i am very much looking forward to seeing what they have up their sleeves product wise!