Shawbrook Bank has today announced the acquisition of specialist intermediary mortgage business, The Mortgage Lender (TML).
Shawbrook, itself a specialist lender to UK SMEs, has agreed to acquire TML for an undisclosed fee in a strategic purchase that provides the Bank with substantial growth opportunities.
As a part of the deal, TML will retain the brand that has helped it become widely recognised as an innovative leader in the mortgage industry.
The acquisition, which has regulatory approval, will extend Shawbrook’s Property Finance product range and significantly increases its distribution network.
Subject to satisfaction of the remaining conditions to the acquisition, completion of the acquisition is expected to occur in February 2021.
John Eastgate, Managing Director of Shawbrook Property Finance, said: “The acquisition of TML is an exciting opportunity for both organisations. It positions Shawbrook in front of a much wider intermediary audience and reinforces TML’s growth plans with the strength of a retail savings franchise. It will also allow us to maximise the benefits of our substantial investment in digital and enhance our offering to intermediaries.
“Shawbrook has long had an outstanding reputation with its intermediary partners and in a relatively short period, TML has achieved the same, creating a very strong brand that will remain in place.
“The combination of the two businesses creates an even more powerful force in the specialist lending market. The breadth of the product range and strong digital capabilities makes the Group relevant to effectively all mortgage intermediaries in the UK.”