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Egg set for wider role as it invests £15m in IFonline

Prudential&#39s online operation Egg has invested £15m in IFA electronic


mortgage trading platform IFonline.


The deal, revealed by Money Marketing On-line last week, gives Egg a 37


per cent stake in IFonline and acc ess to a wide range of mortgage


products.


Egg already offers its own mortgage products but this investment means the


company can move from the role of simple provider into the brokerage


industry.


IFonline says the cash injection enables it to launch its range of


mortgage providers and products fully.


IFonline is the brainchild of Chris Heard, who formerly worked on the


Council of Mortgage Lenders&#39 electronic mortgage project.


Much of the company&#39s fund- ing has come from chief executive Martin


Finegold, who is executive chairman of one of the leading sub-prime


lenders, Kensington Mortgages.


He says: “Egg&#39s investment will assist in the promotion of IFonline&#39s


mortgage trading platform as the industry-standard, common mortgage trading


platform. IFonline is very pleased to have Egg supporting our platform and


views this as the first of many strategic investments in IFonline by other


industry partners.”


Egg chief executive Mike Harris says: “Through this venture with IFonline,


we aim to further increase consumer choice, not only through our range of


flexible, simple and value-for-money mortgage products but also by


searching the market for further len ding products.”

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