Having received full approval from the FSA, new specialist lender and as a fully compliant lender under the new FSA regulation and with the capability to offer online KFIs, Money Partners is in a unique position because it joins the market having neither legacy systems nor an established business portfolio.
Until the end of January 2005, Money Partners will be undertaking a phased launch by conducting business with a restricted and pre-selected number of intermediaries. This phased approach was favoured to ensure the company can control its volume of business initially, while fine tuning and finessing its service and systems to the requirements of new regulatory environment and needs of its business partners. During this period, the sales team will be approaching other intermediaries to discuss opportunities to join its network of business partners from February 2005 onwards.
While explaining the business rationale behind the creation of Money Partners, Colin Sanders, chief executive officer, commented; “As 01 November marks a new beginning for the mortgage market and effectively a level playing field, we are in a prime position to set the pace as an innovative and intermediary-focussed non-conforming lender. We have an exceptional and experienced management team consisting of industry professionals from broking and lending backgrounds, each with a reputation for running and developing successful businesses and sustaining long-term relationships with intermediaries.
“Without the burden of legacy systems, we have also been able to design an infrastructure from scratch, which conforms immediately to the new regulatory
environment. This has enabled us to apply an innovative and forward-thinking approach from the outset. Notably, we began testing KFIs with our intermediaries in early October and have already simplified the origination process to ensure that there is only one company representative responsible for managing each case from initiation through to completion. We have ensured we can hit the ground running and make a positive impact on the market right from Mortgage Day. ”
An autonomous business, Money Partners represents a joint venture with Kensington, which has made an initial investment of £1 million to acquire a minority stake in the business with the option to purchase the rest of the business equity over the next four years. Kensington will benefit from the profits and loan income generated by Money Partners.
