Its direct offering will be known as Money Partners Touch and will be operational from December.
The move will see Money Partners provide its full range of specialist mortgages to non-packaging brokers, introducers and IFAs for the first time. As part of its offering, Money Partners Touch will provide intermediaries with online solutions via electronic decisions and online case management.
There will be no change to Money Partners’ current packaging broker operations and its existing employee terms and conditions are fully protected, with no redundancies planned. Employees of Residential 1 will represent Money Partners Touch and the brand will survive as a wholly-owned secured loans broker subsidiary of the parent lending company.
The directors and senior management of Residential 1 will lead Money Partners Touch during a performance-related earn out over three years. The acquisition has been approved by the Financial Services Authority (FSA).
Commenting, Colin Sanders, CEO of Money Partners, said: “This is an important move forward for Money Partners as we take it to the next level of growth. The next phase is to take the proposition to the wider non-packaging community.”
Mike Pendergast, IFA at Zen Financial Services, said: “Another provider offering its services to the wider broker community is a good thing for competition and choice.”
