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Concordia looks to set up lending arm

by Guy Anker

Concordia is considering setting up a lending arm following its launch last week.

The high-net-worth broker alliance is in talks with an unnamed investment bank, with a view to the bank init-ially offering products exclusively through Concordia.

The consortium of Alexander Hall, Chase de Vere Mortgage Management, Cobalt Capital, Hamptons International Mortgages and Savills Private Finance cannot con-firm how loans would be branded as it is still in discussions to determine its strategy towards lending.

However, it is thought that over time it could have multiple lending arms, some bran-ded as Concordia using outside funding and distributed via its members and others via exclusive relationships with investment banks, where the loans are branded in the name of the funding arm.

Concordia says its major target is to negotiate better rates so borrowers get chea-per deals and fellow brokers believe any lending launch would help the group achieve such aims.

Concordia chairman Andy Pratt says it will take at least another four or five months before it sets up a lending proposition.

Pratt says: “We can confirm we are in exploratory discussions with a new entrant to the mortgage market about providing a lending proposition through Concordia in the first half of 2007.”

Promise Finance managing director Steve Walker says: “To mitigate margins, some brokers in the second-charge market are lending so I would not be surprised were that to happen in the first-charge sector.”

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