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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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