David Tweedy and Guy Batchelor are set to launch a new challenger lender called Belmont Green Finance in the coming months.
The new lender will distribute its products exclusively via intermediaries and is considering underserved niches in the buy-to-let, residential and second charge sectors.
Tweedy, former managing director of Platform Home Loans, is Belmont Green’s chief executive while Batchelor, recently managing director of corporate business at Countrywide, is sales and marketing director.
Joining them are chief operating officer, Lesley Sewell, ex-CIO and operations director at Post Office and formerly CIO of Northern Rock, and chief financial officer, Will Howard Davies, formerly head of residential mortgage-backed securities investments at PIMCO in Europe.
The company is based in Egham, Surrey, and is currently recruiting a team of experienced mortgage professionals to build a new wholesale-funded lending business which will work closely with intermediary partners to target under-served sections of the UK mortgage market.
Belmont Green’s lead investor is Pine Brook, an investment firm that manages more than $6.0bn of capital commitments and specialises in “business building” and other equity investments, primarily in financial services and energy businesses.
Pine Brook has a history of working alongside experienced management teams to create value, and of successful investment in UK financial services businesses including The Car Finance Company Limited and Vibe Syndicate Management.
David Tweedy, CEO of Belmont Green, said: “I can confirm that we are exploring market opportunities in residential mortgage lending, looking to build a proposition that challenges the status quo, but there is no definitive plan or timing for a launch. We look forward to updating the market when we have more to say.”
Batchelor added: “We are currently looking for opportunities in the market where customers are underserved and there is a shortage of products. We are also fully committed to dealing exclusively via intermediaries.”