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Basinghall picks Charcol and Savills to sell loans

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Savills and John Charcol will be the dual broker distribution arm for new lender Basinghall Finance, which launches next week.

The lender, backed by European bank WestLB, will focus initially on buy to let followed by large-loan prime deals.

Unlike new players such as Edeus, the proposition will not be based on technology as it is thought the lender prefers human interaction and limited distribution.

Broker alliance Concordia, which launched its first exclusive deal with Intelligent Finance last week, and of which Savills is one of five founders, is expected to distribute Basinghall loans later this year.

Money Marketing revealed last March that WestLB was set to make its UK mortgage debut but, while Basinghall has already begun acquiring books of business, its lending operation has been delayed until now.

Savills Private Finance managing director Mark Harris says: “We have been working with Basinghall on this for some months.”

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