Precise Mortgages parent plans to float

By Bridging Loan Directory 5th September 2017

Charter Court today announces its intention to proceed with an Initial Public Offering (“IPO” or “Global Offer”) of new and existing Ordinary Shares and to apply for the admission of its Ordinary Shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities.

Established in 2008, Charter Court is one of the leading specialist lenders serving the UK residential mortgage market and operates through its three core brands: Precise Mortgages, its property lending business, Charter Savings Bank, its online retail savings bank, and Exact Mortgage Experts, which provides Fitch-rated mortgage administration, services, collections and other services (including specialist analytics and credit consultancy). Charter Court and its operating platforms have been purpose-built from the ground up by its current management team, specifically for the complexity of its chosen specialist mortgage markets.

The Board’s vision for the Group is to build a market-leading specialist financial services institution, offering a focused real estate mortgage lending proposition, having generated substantially all of its mortgage loan portfolio through organic growth. The Group is the leading specialist mortgage lender in the UK based on volume of mortgages generated in 2016 in the core markets in which it operates.

Commenting on today’s announcement, Ian Lonergan, CEO of Charter Court, said:

“Since our formation in 2008, the hard work in building this bank and its scalable growth platform has resulted in us being one of the leading specialist mortgage lenders in the markets in which we operate and we have also built a successful online savings bank offering sight and term deposits. We are now focused on the next phase of our development intended to drive sustainable, profitable growth and generate attractive returns whilst maintaining our approach to asset quality.

“We believe this is therefore the right time for this IPO, which will enhance our profile as we look to leverage our specialist skills and capabilities to exploit the opportunities we see for further growth in our chosen specialist mortgage markets.”