Nice Loans.co.uk > News > Loans company looks for buyer
After only four years of trading, the loans and mortgages company, Money Partners is looking for a buyer.
Money Partners, a lender of mortgages and loans to applicants with "challenging" credit histories, has announced that the business is for sale.
The business was founded in 2004, with significant investments from Investec and Kensington, by an exodus of senior staff from lender iGroup, which itself is owned by GE Money Home Lending Limited.
The company quickly built up it's position in the lending marketplace and has been servicing a wide mix of brokers throughout the UK and grew it's staff to 170 employees.
Recent events in the secured lending marketplace must have made the shareholders realise that now was a good time to either realise a return on their investments or look for extra funding to allow the business to gain a more stable footing in these uncertain times.
Money Partners denies that Citi Group is already showing interest in the firm and says that it has hired consultancy firm PriceWaterhouseCoopers to investigate all options.
Anyone buying outright or buying into a business like Money Partners, who themselves admit that the market is a strange place at the moment, will obviously play things very cautiously, and the experience of Northern Rock finding it difficult to attract interested parties is indicative of the changing fundamentals in the sub-prime loans and mortgages marketplace.
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