View more on these topics

Precise Mortgages up for sale

Boardroom-Business-Chair-Executive-Corporate-700x450.jpg

Precise Mortgages is seeking a new backer to fuel its growth ambitions, Money Marketing sister-title Mortgage Strategy understands.

The lender appointed Deloitte in the summer to alert potential buyers, although it is understood the information memorandum will be sent to firms in the coming days. The sale includes all companies under the Charter Court Financial Services umbrella, including its savings bank.

Sources say Precise is in talks with several potential buyers.

A sale is not certain, however, and Precise’s main shareholder and funder, Elliott Associates, may decide to hold onto the specialist lender. It has been an investor since 2008.

Precise’s directors are understood to be planning to float the lender on the stock market within the next few years regardless of whether it is sold or not.

A Precise spokesman says: “We don’t comment on market speculation.”

Precise, which launched in 2010, currently operates in the buy-to-let, residential, bridging and second charge markets and lent £1.6bn to borrowers in 2015. Its figures show it has just six accounts in arrears and 94 per cent of its lending is to prime borrowers, according the FCA definition.

In March last year, Precise parent Charter Court Financial Services launched Charter Savings Bank after being granted a banking licence. It currently has around 36,000 savings accounts on its books, with balances of £1.5bn.

Recommended

Business-Handshake-Finance-Deal-700.jpg
1

Curtis Banks to acquire Suffolk Life in £45m deal

Curtis Banks is to acquire Legal & General-owned Sipp provider Suffolk Life for £45m. The deal, subject to regulatory approval, will raise £27m through a placing of new oridinary shares. The remainder will be funded through a debt and revolving credit facility. The combined group will have assets under administration of around £18bn and over […]

The-Co-operative-Cooperative-Bank-700x450.jpg

PRA fines and bans former Co-op Bank bosses

The PRA has issued lifetime bans and fines to the former chief executive and managing director of the Co-op Bank. Former chief executive Barry Tootell and former managing director of the corporate and business banking division Keith Alderson have been fined £173,802 and £88,890, respectively. The pair are also blocked from holding significant influence positions […]

37

Paul Lewis: The shocking prospect of a return to commission

Incentivisation. Encouraging a particular action by offering a reward. Kidnapping your daughter. That would work. Do what we want and you will get her back. Just ask Will Montgomery (Nicolas Cage in Stolen, 2012). Bribery is slightly safer. Put the contracts my way and there will be something in it for you. It is still […]

FCA logo new 620x430.jpg
1

Robo-advice and new FCA rules set to take centre stage

Robo-advice, a new advice framework and the challenge of meeting new capital adequacy rules look set to be the regulatory issues that dominate in 2016. Advice firms have been told to brace themselves for yet more change in the form of a new leadership team at the FCA, as well as reforms to the advice […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment