Prudential's 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
Egg already offers its own mortgage products but this investment means the
company can move from the role of simple provider into the brokerage
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' electronic mortgage project.
Much of the company's 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's investment will assist in the promotion of IFonline's
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
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.”