LSL Property Services has agreed to acquire Advance Mortgage Funding Limited (trading as Pink Home Loans) and its subsidiary BDS Mortgage Group Limited from Skipton Building Society, subject to approval from the FSA.
LSL is acquiring the entire share capital in AMF for £1.59 million.
With the acquisition of Pink Home Loans, LSL will now have occur 1,000 Appointed Representative (ARs) across the group, including First Complete and more than 300 advisers in Linear Financial Solutions and across its estate agencies Your Move and Reeds Rains.
This acquisition also includes the Pink Mortgage Club and Pink ClubVIP which have over 5,000 Directly Authorised (DA) intermediary members. LSL says it want to improve the proposition for the DA market.
Pink will be run independently from LSL’s other financial services businesses and will operate as a standalone network it will report into the LSL Executive Team but will retain its existing management team which will continue to be run under David Copland’s leadership.
Simon Embley, chief executive of LSL said: “Pink Home Loans is a high quality business that will add significantly to our distribution capability. We fundamentally believe that a company can only survive and be profitable with scale in the current market. With Pink included in the Group
