An industry source told Mortgage Introducer the date coincided with the end of ex-SPML director of sales and marketing Prust’s gardening leave. He quit the Lehmans Brothers’ owned lender in February and is set to join past colleagues Aitken, former director of credit, and Bill Cherry, former managing director for SPML, to co-run the lender.
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It has been reported that Abbey and Merrill Lynch will be backing the proposition, though both refused to comment. However, the source pointed out that Abbey is one of the only major lenders without a foot in the specialist sector and would almost certainly be aiming to enter the market.
The source commented: “It’s highly unlikely Abbey will go into the specialist market under its own name or make an acquisition at this stage. It may consider an affinity relationship between itself and the new lender, as this is a great way for lenders like Abbey, which wants to preserve its reputation, to make money. The rumour mill seems to have firmed up and the pieces of the jigsaw are falling into place.”
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Paul Hunt, head of marketing for Platform, said: “It’s a very crowded marketplace and any new entrants need to make it very clear to intermediaries how it will differ to the other 30-odd lenders in the sector. Technology is important; good products, especially fixed rates, and good back office systems. These are all prerequisites for operating in this sector.”
