New York-based Private Equity firm Elliott Associates owns 75% of the business and Mortgage Solutions understands that if a credible buyer is not found, the firm could be refinanced. The process is likely to complete by the summer with Deloitte running the auction.
Information memoranda about the business has been sent out recently to interested parties and the move comes amid reports Metro Bank is preparing to float shortly and Clydesdale Bank is also looking at a share sale.
The potential sale is expected to arm an already fast-growing business with the development capital to accelerate and diversify the banking business further.
Precise lent £1.5bn of new mortgages in 2015, largely in buy to let, up 114% on 2014. The lender is also aggressively targeting the bridging and secured loan sectors.
On lending, 62% of the bank’s activity was in buy to let last year, with the remaining 38% a mix of residential and niche lending, including self-employed loans.
Parent bank Chartered Savings Bank has opened 32,000 savings accounts in the eight months since launch a year ago after the Prudential Regulation Authority (PRA) granted its licence.
Last week, Precise Mortgages launched its Mortgage Credit Directive (MCD) online mortgage application system for first charges to manage pipeline cases ahead of the 21 March Mortgage Credit Directive (MCD) deadline.
All applications received by the lender for residential and consumer buy-to-let cases will receive a KFI Plus.