UK-based digital bank Chetwood Financial has announced the acquisition of CHL Mortgages for Intermediaries (CMI), following a competitive bidding process. As per the information detailed in the press release, Chetwood completed the acquisition of CHL Mortgages from Barossa Asset Purchaser Sarl after entering a competitive bidding process.

During this, Chetwood, CMI, and Barossa aimed to ensure a simplified transition between owners, with the mortgage lender continuing to operate as usual with no planned downtime or impact on its operations. Additionally, the current move intends to allow Chetwood to expand its mortgage loan book, especially its reach within the mortgage intermediary market. More information on the announcement Similarly to CMI, the upcoming launch of ModaMortgages is set to enable the company to solidify its position as a buy-to-let lender.

Both firms are set to operate through intermediaries, however, CMI provides the merge between technology and manual underwriting, while ModaMortgages offers an automated process focused on accelerated decisions. Also, the two lenders aim to co-exist independently, each of them having its brands, products, and teams. Moreover, representatives from Chetwood underlined that the decision to acquire CHL was based on the latter’s position in the lending industry, with the company intending to expand its operations further in the upcoming period. Furthermore, the CMI proposition is set to complement one of Chetwood’s soon-to-launch ModaMortgages, as the firm supports them in growing concomitantly.

According to CMI’s officials, Chetwood’s growth plans aim to allow the company to continue to develop its competitive product range and criteria offering which previously received positive feedback from intermediary partners. Chetwood has been developing technology that focuses on improving the capabilities of its customers via decisioning and automating data-driven insights. The company invested in data analytics and data sciences, designing a data environment hosted in the AWS cloud, and integrating analytic tools like machine learning and neural nets.

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