Y3S Group has acquired 50% of Chaseblue Loans Ltd.
Both businesses package secured loans for the clients of UK mortgage brokers and IFAs. They also provide bridging and commercial financing options for clients of their financial intermediaries.
Chaseblue will continue to trade as a separate entity from its existing offices and be run by director Ben Gillespie.
Y3S Group said its acquisition of Chaseblue Loans forms part of a “buy and build” structure and will accelerate growth of the group and market presence in the financial sector.
The new corporate structure will account for £6m of second charge loan completions per month, introduced purely via intermediaries.
Barney Drake, director of Y3S, said: “We were attracted by the promising growth of Chaseblue under the directorship of Ben Gillespie, which fits into our portfolio and growth strategy. We are looking forward to progressing our expansion plans by working closely with the superb team at Chaseblue.”
Gillespie added: “This opportunity made perfect sense for Chaseblue. We have made profit in every year we have traded, including those barren years of the credit crunch. We have done so by offering an honest, transparent and fair service to both our clients and introducers.
“We now get to draw upon the expertise of the biggest B2B broker in the market, this knowledge and experience will allow us to fulfill our planned growth faster and more effectively than before.”