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LSL runs rule over Pink Home Loans

LSL Property Services is conducting due diligence on Pink Home Loans as it considers a potential takeover of the mortgage network, Money Marketing understands.

It is thought LSL is looking to increase the scale of its mortgage proposition after it bought Home of Choice’s assets from administration for £1.5m in May.

It is understood Pink’s parent company Skipton Group has been looking to shed the network for some time.

Skipton’s mortgage network went through a series of cost cutting measures last year due to reduced volumes in the mortgage market.

The last set of available accounts for Pink show it made a £3.6m loss in 2008 compared to a £1.6m profit in 2007.

Last month Skipton Group reported pre-tax profits of £21.7m for the first half of 2010 but its mortgage and savings division reported a loss of £5..7m.

Pink, Skipton and LSL all declined to comment.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Ketan Yadav - Avenue & Co Private Finance 11th August 2010 at 1:34 pm

    I think LSL are more interested in the client bank, than the mortgage brokers. They know brokers are a dying breed as lenders continue to shift distribution away fron brokers and more to direct only. The headlines of brokers and packagers forced to shut up shop are ramping up, Savills being the latest victim.

    LSL are a profitable and very forward thinking company – I like them. No doubt, access to the database of properties and mortgages would be a huge advantage for them as estate agents and for their financial services arm and this is a good example of how a financial services firm should be thinking in the current climate – accessing warm existing clients is more responsive and efficient, rather than trying to acquire new clients.

    Then again – I may be completely wrong and they just want more brokers!

  2. LSL are interesting given that they are acquisitive at a time when caution might seem to be a better policy. Their crystal balls must be huge, smear free, and very accurate.

    I’m not sure anyone else would be so certain that piling it high at this stage of the economic cycle especially given the absence of any obvious direction for the broker market is a long term success story.

    I suppose that in times of turbulence, the bold make hay, but then the meek inherit the earth.

    At this rate, they’ll make an attracive takeover target. That can’t be the strategy could it?

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