The brand, Belmont Green, held in a limited company, will distribute its products exclusively via intermediaries. The lender is expected to launch into residential, buy-to-let and secured loans.
The timescale for launch is still unclear.
Tweedy (pictured) is Belmont Green’s CEO with Batchelor as sales and marketing director. Joining them are COO Lesley Sewell, ex-CIO and operations director at Post Office and formerly CIO of Northern Rock, and chief financial officer Will Howard Davies, formerly head of residential mortgage-backed securities (RMBS) investments at PIMCO in Europe. Ian Giles is marketing director at the new lender, previously director of marketing and communications at Kensington and Purely Mortgages.
The Egham-based company is recruiting mortgage professionals for its wholesale-funded lending business.
The lender said it intends to work closely with intermediary partners to target under-served sections of the UK mortgage market.
Belmont Green’s lead investor is Pine Brook, a private equity investment firm that manages more than $6bn of capital commitments and specialises in ‘business building’, primarily in financial services and energy businesses.
Pine Brook has a history of working alongside experienced management teams to create value, and previous investments include The Car Finance Company and Vibe Syndicate Management.
David Tweedy, CEO of Belmont Green, said: “I can confirm that we are exploring market opportunities in residential mortgage lending, looking to build a proposition that challenges the status quo, but there is no definitive plan or timing for a launch. We look forward to updating the market when we have more to say.”
Nicholaos Krenteras, managing director of Pine Brook’s financial services team, said: “Pine Brook is excited to partner with David, Guy and the rest of the Belmont Green team in building an organization that will challenge the status quo by providing more attractive lending solutions to homebuyers.”
Tweedy was director of market relations at Target Group for two years and business leader and MD of Platform Home Loans for 13 years before that.
Batchelor, most recently a mortgage lending consultant after leaving Countrywide in May 2015, spent over six and a half years as MD of its corporate business. He also spent two years at Lehman Brothers after nine years as sales and marketing director at Platform Home Loans.