OneSavings Bank buys Prestige Finance
The deal was completed on Friday last week and announced on the Stock Exchange this morning.
Prestige Finance is the longest established secured loan lender in the UK. Formerly known as Sheldon and Stern, the company re-branded to Prestige Finance in 2002.
The specialist second charge mortgage lender has combined gross assets of £68.1m.
OneSavings Bank, which trades as Kent Reliance Banking Services, was formed by Kent Reliance Building Society and JC Flowers.
Simon Stern, director of Prestige Finance, was unavailable for comment.
But in his LinkedIn profile he says: “Having left school early I worked in retail before joining the Trainee Management Scheme at Marks and Spencer.
“I worked my way up through several stores including the flagship, Marble Arch before becoming the Assistant Manager of the Hammersmith branch.
“As a result of a chance meeting with one of my oldest and closest friends, Howard Sheldon, I joined the family business of Sheldon and Stern Management Services in 1984.
“With the support of initially the two fathers and then Howard and my younger brother David, we established the company as one of the UK’s leading providers of “adverse credit” second mortgages.
“We did this by working closely with brokers whilst securing funds from both private investors, for whom we still manage their loan books, and two UK High Street Banks.
“We re-branded to Prestige Finance in 2002. My main responsibility has been on the New Business side as well as compliance and regulatory issues.
“We remain committed to the market and are currently one of very few lenders that have survived these most difficult and challenging periods.
“My goal and that of my partners is to continue to grow Prestige whilst maintaining not only the reputation of the company but also to continue to support both brokers and borrowers in this most specialist of markets.”
More to follow…