It will be headed up by managing director Jason Neale, ex-head of buy-to-let lending at Axis Bank UK and previously sales director at specialist lender Magellan Home Loans.
Spencer Gale, also ex-Axis Bank and Magellan Home loans and more recently head of sales at ULS Technology, will take up the role of sales director at the new firm.
The pair are joined by capital markets experts, Gautam Pandey and Manish Shah, who have over 30 years’ combined investment banking experience with the likes of JP Morgan, RBS, UBS & Nationwide Building Society, to create a team with extensive experience of both originating and funding specialist mortgages.
The lender is also backed by funds managed by CarVal Investors, an established global alternative asset manager, with an initial £1bn funding line.
The lender will offer manual underwriting with no automated credit scoring, coupled with access to buy-to-let underwriters who are able to assess individual landlord circumstances.
Neale said: “As the additional taxation burden is really starting to bite, professional landlords’ circumstances continue to become more complex, leaving a greater number being underserved by high street lenders and even many of the so-called specialist lenders”.
“We’re delighted to have secured a substantial initial funding line which gives us the flexibility to take a more common-sense approach to lending with more useful and modern lending criteria, coupled with the ability to listen to and understand individual circumstances.”
Gale added: “Throughout my career I have been passionate about improving the customer journey, adding real value to my intermediary partners whist being open, honest and transparent.
I am therefore delighted to be able to launch a business with these values running through it and to really focus on the needs of intermediaries by combining the latest technology with expert human underwriting.”
