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The Money Group ‘in talks’ over possible white label deal
The Money Group (TMG) has said it wants to start offering white label mortgage products in a wide-ranging update on its future business plan.
Martin Stewart, TMG founder, said: “We will re-invest whatever we can, after costs, back into our business for market growth. We’re going to get into our own lending and believe we can white label anything in our brand. We’re having discussions on that at the moment.”
The group aims to finance its growth plans with capital from the 10 per cent fee it receives from each franchisee, and potentially with an injection from external investors.
However, Stewart said recent buyout deals of technology-enabled UK mortgage brokerages suggested that investors thought they were buying into the value of mortgage process digitalisation, when in fact they had invested in a brokerage.
TMG may also look to establish new legal brands in the future. These included TMG Legal, TMB Divorce and TMG Property, among others.
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He said: “We’ve got loads of different institutions. Why couldn’t they be all under one brand?”