CHL Mortgages has added a £295 million buy-to-let portfolio to its existing mortgage book.
The addition of Irish Permanent International’s loan book means that assets under management for CHL now stand at £6.5 billon. CHL will manage all aspects of this loan book including general administration, delinquent accounts and recoveries leaning heavily on its existing infrastructure and footprint across the UK and Ireland.
The portfolio’s borrowers are spread across over 40 legal jurisdictions with securities in England and Wales, Ireland and Northern Ireland. Borrowers include high-net worth individuals, corporates and trusts albeit with relatively low LTVs and exceptionally low default rates.
The deal marks an increase of mortgages under management by nearly 5% during 2010 and CHL claims it signals confidence in its ability to manage mortgages on behalf of originators.
Bob Young , managing director of CHL Mortgages, said: “Even though we are not currently originating new loans this shows that when it makes commercial sense for us to do so