The notorious Michael Bolton is poised for a dramatic return to the UK mortgage market, working from his Brazil bolthole.
Mortgage Introducer can exclusively reveal that the rogue lending chief has prepped up operations from his Brazil coffee plantation and plans to tackle the underserved self-employed market as well as knuckling down on sub-prime.
The new lender will be called Careless Finance and Bolton’s old protégé Oli Farlop has been appointed as chief operating officer.
Oli Farlop said: “It’s been a tough, leafy road to get here.
“While it’s been a challenge setting up a lender in a secret undisclosed location, Bolton’s experience and knowhow will put us well above the competition.”
Bolton is still barred from the UK and faces a possible jail sentence due to tax avoidance.
A combination of funds from the capital markets and mysterious high net worth investors from the Brazilian agricultural industry will help the lender get off the ground.
It’s understood Careless Finance will take a radical new approach to securing market share.
Oli Farlop added: “We will have the cheapest products bar none – we’re looking to offer a residential rate of 0.39% with no application fee.
“Will we make money at first? No. But it’s called seed capital for a reason – we’ll worry about turning a profit later.”
It’s been widely rumoured that RAF veteran Terry Pritchard has been instrumental in smuggling him back and forth from Brazil to the UK in order to establish a funding line.
However when contacted Pritchard said: “I can’t possibly comment on whether Michael Bolton is returning to the market. Any suggestion that he is has or is trying to get back into UK mortgages is complete news to me.”
Bolton was approached for comment.