{"id":2925,"date":"2021-07-28T09:15:32","date_gmt":"2021-07-28T08:15:32","guid":{"rendered":"https:\/\/platinumgroup.io\/2021\/07\/28\/starling-bank-expands-lending-capabilities-with-recent-acquisition-of-fleet-mortgages\/"},"modified":"2021-07-28T09:15:32","modified_gmt":"2021-07-28T08:15:32","slug":"starling-bank-expands-lending-capabilities-with-recent-acquisition-of-fleet-mortgages","status":"publish","type":"post","link":"https:\/\/platinumgroup.io\/2021\/07\/28\/starling-bank-expands-lending-capabilities-with-recent-acquisition-of-fleet-mortgages\/","title":{"rendered":"Starling Bank Expands Lending Capabilities With Recent Acquisition of Fleet Mortgages"},"content":{"rendered":"

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It\u2019s reported that Starling Bank<\/strong> has acquired the specialist buy-to-let mortgage lender Fleet Mortgages<\/strong> in a \u00a350 million cash and share deal.<\/em><\/h4>\n

Hampshire-based Fleet Mortgages provides mortgages to professional and semi-professional buy-to-let landlords through the exclusive use of mortgage adviser distribution channels.<\/p>\n

To date, it has originated \u00a32.3 billion of mortgages and experienced zero credit losses. It currently has circa-\u00a31.75 billion of mortgages under management.<\/p>\n

Starling will become the sole funder of future originations, with Fleet Mortgages able to build on its successful lending operation by accessing Starling\u2019s growing deposit base. Day-to-day operations at Fleet will continue unchanged with the company\u2019s existing and highly-respected management team.<\/p>\n

Speaking on the acquisition, Anne Boden<\/strong>, CEO of Starling, comments, \u201cThe acquisition of Fleet Mortgages is the start of our move into mortgages as an asset class and builds on a number of forward-flow arrangements that we\u2019re doing with leading non-bank lenders.<\/p>\n

\u201cFleet\u2019s existing management team will remain in place and Fleet will continue to operate as a stand-alone company, keeping the original name and brand. We\u2019re buying Fleet because it is very good at what it does, not because we want to change it.\u201d<\/p>\n

The acquisition \u2013 Starling\u2019s first \u2013 is part of a wider plan at the bank to expand lending through a mix of strategic forward-flow arrangements, organic lending, and targeted M&A activity<\/a>.<\/p>\n

Bob Young, CEO, Fleet Mortgages<\/p>\n

Bob Young<\/strong>, CEO of Fleet Mortgages, added, \u201cWe are very pleased to be announcing the acquisition of the business by Starling Bank which will deliver a significant benefit to the business, our intermediary partners and their landlord clients. It is certainly exciting times ahead.<\/p>\n

\u201cWe started Fleet Mortgages seven years ago and have grown to become a successful mortgage originator with nine well-received securitisations. 2021 is set to become our best year yet with new mortgage loans running at \u00a3800 million and half-year pre-tax profits of \u00a34 million.<\/p>\n

\u201cStarling Bank will take over all of our funding, allowing us to focus on achieving our significant and ambitious lending and growth targets. This is a natural progression for our lending business, with both Starling and Fleet sharing a very similar cultural fit and provides us with a very strong lending base from which to work and to deliver for our staff, our adviser partners, and our landlord customers.\u201d<\/p>\n

Starling Bank was advised by Rothschild<\/strong> and PwC<\/strong> as financial advisor and TLT<\/strong> as legal counsel. Fleet Mortgages was advised by West Hill Corporate Finance<\/strong> as financial advisor and Humphries Kirk<\/strong> as legal advisor.<\/p>\n

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The post Starling Bank Expands Lending Capabilities With Recent Acquisition of Fleet Mortgages<\/a> appeared first on The Fintech Times<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s reported that Starling Bank has acquired the specialist buy-to-let mortgage lender Fleet Mortgages in a \u00a350 million cash and share deal. Hampshire-based Fleet Mortgages provides mortgages to professional and semi-professional buy-to-let landlords through the exclusive use of mortgage adviser … Read More<\/a><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nStarling Bank Expands Lending Capabilities With Recent Acquisition of Fleet Mortgages - Platinum Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/platinumgroup.io\/2021\/07\/28\/starling-bank-expands-lending-capabilities-with-recent-acquisition-of-fleet-mortgages\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starling Bank Expands Lending Capabilities With Recent Acquisition of Fleet Mortgages - Platinum Group\" \/>\n<meta property=\"og:description\" content=\"It\u2019s reported that Starling Bank has acquired the specialist buy-to-let mortgage lender Fleet Mortgages in a \u00a350 million cash and share deal. 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