Specialist lender CHL Mortgages has added a £295m buy-to-let portfolio to its existing mortgage book.
This now brings CHL’s assets under management to around £6.5bn.
CHL will manage all aspects of the loan book for the originator, Irish Permanent International, including general administration, delinquent accounts and recoveries.
CHL Mortgages managing director Bob Young says: “Even though we are not currently originating new loans this shows that when it makes commercial sense for us to do so, we are still very much active in the market.
“The complexity of this portfolio is high to say the least and it has been obvious to us that few other lenders would have been able to take this on. Although we were a ‘preferred option’ to manage this portfolio we nonetheless went through a rigorous process of due diligence and cost justification. The flexibility and track record of CHL has been a key positive in being able to take on this portfolio.”
The Hampshire-based lender says it is not actively searching the market for similar deals but says it could be interested if the right deal comes along.