Buy-to-let mortgage lender ModaMortgages has entered a “controlled launch” phase ahead of a national rollout over the coming months.
The business, which operates exclusively through intermediaries, will work with “a select number of specialist distributors and packagers” to lend to small and large portfolio investors, limited companies, individuals, and first-time landlords.
Wrexham-based digital bank Chetwood Financial, which itself was founded in 2016, set up the unit and has been preparing for its launch over the past two years.
The bank bought buy-to-let lender CHL Mortgages for Intermediaries in May for an undisclosed fee to run alongside ModaMortgages.
It said that the two lenders will trade independently, with their own brands, products and teams “who will complement one another, but will share skills, experience and expertise.”
Chetwood Financial managing director Andrew Arwas will oversee the ModaMortgages and CHL Mortgages for Intermediaries propositions.
Roger Morris, formerly at Tandem Bank, became Chetwood Financial’s group distribution director in June across the bank’s mortgage propositions.
ModaMortgages’ director of sales and distribution is Darrell Walker, who previously worked at OneSavings Bank developing the sales function at its Prestige Finance and Interbay brands.
He oversees head of sales Scott Phillips, and a team of five business development managers across England and Wales.
ModaMortgages’ Walker says: “After a great deal of hard work behind the scenes, we’re delighted to announce our controlled launch.
“Our leadership team has vast experience in mortgages and specialist lending, and we’re completely aligned in our belief that the market is crying out for smarter, faster, simpler BTL mortgages.”
Chetwood’s Arwas adds: “The controlled launch period will allow us to demonstrate how successful the ModaMortgages approach can be, and we look forward to rolling it out across the entire market in the coming months.”
