TFC said the merger marked a key stage in the packager and Solent Mortgage Services’ ambitious growth strategies and had created a market-leading organisation with one of the strongest distribution models in the UK. TFC is headquartered in central Manchester and employs 30 while Solent Mortgage Services is based on the south coast with seven employees.
Managing director of SMS, Ian Balfour, will become director of sales and marketing across both SMS and TFC, reporting to managing director Nigel Payne.
A spokesperson for TFC Homeloans said: “All main operations will be moving to TFC’s central Manchester head office, which is already geared up to handle high volumes of business. The SMS brand will still maintain a presence on the south coast, although a decision on the office space is yet to be made.”
Payne (pictured) said: “Ian is one of the most experienced and skilled professionals in the specialist lending sector. We can’t wait to have him working alongside us to build the UK’s most trusted mortgage packager.”
Balfour said: “By cementing two of the country’s most experienced and well-respected distribution brands, we are building a market-leading business to grow in the ever-changing packager, distribution and specialist sector.”
“SMS and TFC have had a close working relationship for 15 years, even down to sharing the same pioneering mortgage technology. We have distinct but complementary skills, expertise, and distribution networks.
“And we share a bold strategy to create a strong, efficient packager that is trusted by clients, brokers and lenders.”
Mick Ramage, managing director of Hoyl Group, said: “We have owned Solent Mortgage Services since 2008 and are pleased to announce that we have agreed this deal with TFC Homeloans – an organisation which is the perfect fit at the right time. We will retain an interest in the overall group and are excited about its future plans.”