Financial services firm Shawbrook has announced the acquisition of specialist lender Bluestone Mortgages (BML) in a cash and share deal.
Launched in 2014, BML is a well-established brand in the UK specialist residential mortgage market. Working with a network of brokers, it supports customers which don’t fit the traditional profile of high street banks.
Bluestone Mortgages has originated over £1.8 bn since its launch, and currently manages a book of over £1.3 bn residential loans. The growth of the business has been supported by an experienced team which today stands at around 90 employees based in offices across London and Sheffield.
Shawbrook has been working with BML since 2017 through a platform lending arrangement.
Marcelino Castrillo, the Group’s Chief Executive Officer, commented: 'We are delighted to have strengthened our long-standing and successful partnership with Bluestone Mortgages through this acquisition. Bluestone Mortgages is a well-established brand in the UK specialist residential mortgage market, and by bringing the two organisations together, we can use our combined capabilities and scale to offer an even stronger proposition to UK homeowners.'
Castrillo said the group anticipates 'significant long-term growth in the specialist mortgage market'. 'With both Bluestone Mortgages and The Mortgage Lender brands combined with Shawbrook’s strong and stable balance sheet, the Group is very well placed to consistently meet this growing demand,' he added.
Steve Seal, Bluestone Mortgages’ Chief Executive Officer, commented: 'Shawbrook has been a long standing strategic partner for many years and joining the Shawbrook Group is a natural step as we continue to grow and develop the business.'