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Home loan deal for B&B Bradford & Bingley has bought 4,000 home loans from a subsidiary of General Motors, through Mortgage Express, its niche lending arm. The deal worth ?470m is the second of its kind with GMAC-RFC, a UK-based lender which is part of US General Motors group. It follows the acquisition of 6,000 loans from the same company in September 2002. It means B&B's managed assets, which stood at ?26.6bn on 31st December 2002, will increase by about 2%. Mortgage Express - the specialist lending arm of the B&B - concentrates on niche mortgages, such as loans for the self-employed, buy to let and 100% loans. Christopher Rodrigues, Group CEO, said: "This transaction reflects our stated strategy of driving growth both organically and through acquisition."
Home loan deal for B&B Bradford & Bingley has bought 4,000 home loans from a subsidiary of General Motors, through Mortgage Express, its niche lending arm. The deal worth ?470m is the second of its kind with GMAC-RFC, a UK-based lender which is part of US General Motors group. It follows the acquisition of 6,000 loans from the same company in September 2002. It means B&B's managed assets, which stood at ?26.6bn on 31st December 2002, will increase by about 2%. Mortgage Express - the specialist lending arm of the B&B - concentrates on niche mortgages, such as loans for the self-employed, buy to let and 100% loans. Christopher Rodrigues, Group CEO, said: "This transaction reflects our stated strategy of driving growth both organically and through acquisition."