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TFC completes merger deal with specialist distributor

Nigel Payne

Packager TFC Homeloans (TFC) has completed a merger deal with specialist distributor Solent Mortgage Services (SMS).

The pair claim to have created a market-leading organisation with one of the strongest models in the UK.

As part of the deal, Ian Balfour, managing director of SMS, will become director of sales and marketing across both businesses and report to Nigel Payne, managing director of TFC (pictured above).

“Solent Mortgage Services is a hugely respected packaging business and fits perfectly into TFC’s long-term growth strategy,” said Nigel.

“Ian is also one of the most experienced and skilled professionals in the specialist lending sector.

“We can’t wait to have him working alongside us to build the UK’s most trusted mortgage packager.”

SMS owner Hoyl Group will retain an interest in the overall group, with managing director Mick Ramage revealing that it was excited about the pair’s future plans.

The deal comes amid a flurry of activity at TFC, which has seen the packager add three new recruits to its business and processing teams and introduce plans for a new broker reward scheme.

“By cementing two of the country’s most experienced and well-respected distribution brands, we are building a market-leading business to grow in the ever-changing packager, distribution and specialist sector,” added Ian.

“SMS and TFC have had a close working relationship for 15 years, even down to sharing the same pioneering mortgage technology.

“We have distinct but complementary skills, expertise and distribution networks.

“And we share a bold strategy to create a strong, efficient packager that is trusted by clients, brokers and lenders.”

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