A joint venture spearheaded by LSL Property Services and investors Pollen Street Capital has acquired The Loan Partnership Limited.
The deal, which is subject to approval by the Financial Conduct Authority, will see the Hemel Hempstead-based loan broker and mortgage advisory firm acquired by Privotal Growth Limited.
The Loan Partnership (TLP) was set up in 2013 and focuses on providing mortgage advice for second charge mortgages and bridging finance.
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Pivotal Growth was set up in April 2021 with private equity specialists Pollen Street Capital to buy and build a national mortgage broker "powered by market leading technology, first class regulatory compliance and exemplary customer service."
It announced at the end of last year that it had at least £200m available by way of equity and debt to fund acquisitions.
In an update to investors, LSL said: "The acquisition of TLP is Pivotal Growth's third acquisition following the purchases of Lifetime Finance Group and Grange Mortgage and Protection Services, and the Pivotal Growth management team is in active discussion with a number of other brokers that it believes would benefit considerably by being part of Pivotal Growth and we expect to confirm further deals in due course."
LSL - which includes the Reeds Rains and Your Move brands - is one of the country's largest mortgage advisory and services groups, completing about £41bn of mortgages in 2021.
It also provides surveying and valuation services to major UK lenders and operates a network of 225 owned and 128 franchised estate agency branches.
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