Precise Mortgages seeks backer

Mortgage Introducer

January 15, 2016

Precise Mortgages is looking for a new backer to fund further growth this year.

The specialist lender, which is already in talks with several buyers, will shortly send firms an information memorandum after appointing Deloitte in the summer.

The sale will include all companies under Charter Court Financial Services banner including its savings bank, which has already boosted Precise’s coffers with £1.5bn from 36,000 savings accounts since launching in March last year.

The Intermediary-only lender’s main shareholder and funder US-based private equity firm Elliott Associates is weighing up whether to sell Precise, which it has backed since 2008.

Whether or not the lender is sold Precise’s directors plan to float the lender on the stock market in the next few years.

Precise started lending in buy-to-let in 2010 before branching into residential, bridging and second charge.

Alan Cleary, managing director of Precise Mortgages, said: “We don’t comment on market speculation.”

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