Pollen Street Capital’s mortgage adviser firm, Pivotal Growth, has agreed to acquire second charge and bridging broker The Loan Partnership (TLP).
Pivotal Growth, which was set up last year as a joint venture between alternative investment manager Pollen Street Capital and LSL Property Services, to buy and build a national mortgage advisory service, said that this marks its further expansion into the specialist second charge broking and bridging finance markets.
The group said it is currently in active discussions on a number of other opportunities which will continue to expand its product set and geographic presence.
Completion of the acquisition is subject to customary regulatory approvals.
“I am delighted to welcome The Loan Partnership into the Pivotal Growth group,” said Simon Embley, chief executive of Pivotal Growth.
“This acquisition will complement our existing businesses and help us build out our specialist broking capability, giving us a presence in the fast-growing second charge mortgage and bridging finance markets.
“We believe these segments will play an important role in supporting customers looking for access to alternative mortgage financing solutions.”
“Pivotal Growth is the perfect partner for The Loan Partnership, and I am looking forward to working with the Pivotal Growth team to continue grow the business,” said John Webb, director of TLP.
“Pivotal Growth will give The Loan Partnership access to a wider customer base due to their expansive distribution reach, along with access to capital and technology that is becoming increasingly important to provide our clients with the best possible service and address the needs of all stakeholders we support in the second charge and bridging sectors.
“We look to the future now with even more confidence as part of the Pivotal family.”
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“We are pleased to welcome The Loan Partnership to Pivotal Growth,” added Ian Gascoigne, partner at Pollen Street Capital.
“We’re thrilled to see Pivotal’s continued momentum this year, with a strong pipeline of acquisitions including several in due diligence.”