The group was founded in 2001 and was initially named Y3S Group, and acted as an umbrella for Y3S Loans and its businesses.
In 2008 it sold off two of its subsidiaries, but went on to grow its business by investing in Andrew Gage and Nathan Raffour to create joint venture Y3S Bridging and Commercial.
In 2014 it acquired a 50 per cent stake of Chaseblue loans and in 2016, bought a 50 per cent stake in Pink Pig Loans.
The company went on to acquire all outstanding shares in Y3S Bridging & Commercial, Chaseblue Loans and Pink Pig Loans and was renamed Specialist Mortgage Group.
Companies owned by the group include Y3S Loans, Y3S Private Clients, B2B Financial, and Chaseblue Loans. Pink Pig Loans was reacquired by a management buyout in February this year.
The companies cover complex first and second-charge mortgages, buy-to-let, bridging, commercial and development finance.
Specialist Mortgage Group’s chief executive Barney Drake (pictured) said: “It has often been a rollercoaster ride over the last 20 years, but we are absolutely thrilled for the group to be hitting this milestone and to be looking forward to a future where we anticipate going from strength to strength.”
He added that focus remained on delivering good service to its adviser partners and customers and praised his hardworking team.
He said: “I’d like to thank everyone who has worked with SMG over the years, who has shown faith in us, and who has contributed to us being the kind of firm we are today. We couldn’t have done it without you, and we raise a toast today to all our stakeholders.”
According to Companies House, for the year ended 30 September 2020 the group reported an operating loss of £107,411, which compares to a profit of £1.44m in 2019.
It said that its long-term focus would be to “maintain and grow profit while effectively monitoring the overheads and expenses”. It added they will report a profit in 2021.