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Pepper Money buys second charge lender Optimum Credit

  • 08/10/2018
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Pepper Money buys second charge lender Optimum Credit
Pepper Money has snapped up second charge lender Optimum Credit, as part of its ongoing growth strategy.


The specialist mortgage lender will acquire Optimum Credit’s entire business, which includes a second charge loan book of more than £450m.

Optimum Credit is currently owned by Patron Capital and the deal remains subject to regulatory approval.

Based in Cardiff, Optimum Credit was launched in 2014 and offers a range of variable, fixed and discounted second charge mortgages to homeowners in England, Wales and Scotland.

The business is set to continue its current strategy under Pepper Money, drawing on existing funding methods, including public capital markets issuance.

The deal comes as Pepper Money seeks authorisation for a banking licence, with the lender carrying out initial discussions on the project with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).


Enable continued growth

Laurence Morey, chief executive of Pepper Money, said Optimum Credit will enhance the growth of the group’s intermediary-led secured lending proposition.

He added: “Earlier this month, we announced that Pepper Money was starting the journey of seeking a banking licence and that we would be considering targeted acquisitions to complement our organic growth plans for the business.

“We are delighted to have been able to agree the purchase of Optimum Credit, subject to receipt of regulatory approval.

“I am pleased to welcome the market leading team at Optimum Credit into the Pepper Money family.”

Sam Marshall, chief executive at Optimum Credit, said: “We are pleased to be joining the Pepper Money team in the UK, Pepper Money has shared a very similar development journey to ours at Optimum Credit, we share a common culture and entrepreneurial approach with the intermediary and UK residential property owner at the core of our proposition.

“This acquisition will give Optimum Credit access to a wider range of resources and shared expertise that will enhance our business and enable our continued growth.”


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