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Knight’s first two ventures to be dedicated packager and broker lenders

Former GMAC-RFC founder Stephen Knight has told Money Marketing that his first two lending ventures through Checkmate Mortgages will see one focused on just the intermediary channel with the other only focused solely on the packaging market.

This comes after Knight announced today that he has teamed up with Kensington founder Martin Finegold to launch Checkmate Mortgages, a vehicle for creating and owning mortgage lenders.

He says that the whole point of Checkmate Mortgages is that it will rip open rulebooks on distribution management, on product design, on techology and on funding lines.

Knight adds: “Now in the area of distribution management we know we’re going to create at least two lenders; one focused just on the intermediary channel and one just focused on the packager channel.”

He says this is so he can have the management in those two lenders focusing solely on the products on and needs of the distribution channel that they are addressing.

Knight adds: “Now in addition to that we’ll add other lenders to the stable which will be focused on particular distributors or distributing groups. These are expected to be created and we’ll be ready to launch on October 1 next year however, we may launch sooner if we make an acquisition. We’re interested in acquisitions but as far as we’ve been able to determine there are no lenders currently for sale.”

For more exclusive news on Knight’s new venture please see Money Marketing TV tomorrow for the full interview.

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