UK challenger Chetwood Financial acquires lender CHL Mortgages for Intermediaries
UK digital challenger Chetwood Financial has purchased the buy-to-let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl, for an undisclosed amount.
Chetwood Financial acquires CMI from Barossa
Chetwood is to leverage the deal to expand its mortgage loan book and further its reach within the mortgage intermediary market, while CMI is expected to continue to operate “as usual” with “no planned downtime or impact on its lending operations”.
Additionally, the challenger states that CMI’s specialist lending team will complement the company’s soon-to-launch ModaMortgages proposition.
Chetwood explains that, similar to CMI, ModaMortgages will operate as a specialist buy-to-let lender. However, there are distinct differences between the two: while CMI provides “flexibility” by combining technology and manual underwriting across a broad criteria range, ModaMortgages offers an automated process for swift decision-making.
Moreover, the two lenders are expected to operate independently, each maintaining its own team, brand image and products.
Commenting on the deal, Andy Mielczarek, founder and CEO of Chetwood, says the chance to acquire CMI was “simply too good an opportunity to miss out on”, due to the firm being an “established, respected brand in the specialist lending space”.
Mielczarek adds that going forward, the company has “ambitions to grow operations further in the months and years to come”.
Founded in 2016, Wrexham-based Chetwood appointed Julian Hynd as its new chief operations officer in late 2023.
