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Corporates Belvoir and LSL spend big on mortgage broker acquisitions

Both big estate agencies are hoping to take larger slices of the mortgage broking business via new and substantial acquisitions.

Nigel Lewis

mortgage

Efforts within the world of corporate estate agency to provide their branches with mortgage broking and other financial services have ramped up after both Belvoir and LSL announced new acquisitions.

Both firms are attempting to grab a greater slice of the mortgage revenue cake by acquiring smaller regional independent brokers.

Belvoir Group has bought TIME, an appointed represented of the Mortgage Advice Bureau brokerage, for £3.67 million.

TIME provides mortgage and related financial services to clients through its network of 64 advisers, all but two of which are either self-employed or small businesses operating on a self-employed basis licensed to TIME.

Like other organisations within the network, MAB provides training, support, compliance, website and national marketing via its wider brand.

FCA approval

LSL, which operates a dozen national and regional estate agencies including Your Move and Reeds Rains plus a range of surveying and financial services platforms, has bought The Loan Partnership (TLP) for an undisclosed sum but subject to approval of the FCA.

TLP is a specialist mortgage broker, based in Hemel Hempstead, that was set up in 2013 and focuses on providing mortgage advice for second charge mortgages and bridging finance.

The acquisition is by Pivotal Growth, the joint venture LSL set up in April last year with City firm Pollen Street Capital and the partnership’s third purchase following those of Lifetime Finance Group and Grange Mortgage and Protection Services.

What binds both the Belvoir and LSL announcement is that both organisations are, as estate agency becomes increasingly difficult to wrestle more profit from, turning their attention to the highly lucrative world of mortgage and insurance broking.

Dorian Gonsalves image“The acquisition of TIME will extend our network of financial advisers to support both our franchisees at a local level, as well as servicing leads from independent agents,” says Dorian Gonsalves, CEO of Belvoir Group (pictured).

“This will in turn achieve greater penetration of financial services to the Group’s client base for the benefit of both individual franchisees and the Group as a whole.”

May 24, 2022

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