Digital bank eyes growth with acquisition of specialist lender

Digital bank Chetwood Financial has bought buy-to-let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa.

Wrexham-based Chetwood Financial will shortly be launching its own buy-to-let mortgage lending business, ModaMortgages. It plans to operate the two brands independently, and both will work exclusively through intermediaries.

Andy Mielczarek, Chetwood Financial’s founder and chief executive, described the chance to buy the Hampshire-based lender as “too good an opportunity to miss out on”. The value of the deal has not been disclosed.

He added: “CMI is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come.”

Ross Turrell, commercial director at CMI, added: “This is a fantastic opportunity to join forces with a digital bank well established in funding buy to let mortgages through the intermediary market.”