Stephen Knight, former chairman of GMAC-RFC, is launching a new vehicle for creating and owning mortgage lenders, called Checkmate Mortgages Limited.
Knight will take on the role of executive chairman and will join forces with Martin Finegold, founder of Kensington Mortgages, who will play an advisory role.
Knight says the Checkmate vehicle will allow the pair to set up several new lenders, each focused on a particular distribution channel. The subsidiary lenders will offer products in all sectors from mainstream through to niche and non-conforming and will be supported by technology and committed funding lines.
The first two lenders are scheduled to launch in Q4 2008, with the firm applying for FSA authorisation in Q1 2008. Checkmate says by this time interest rates are expected to have peaked and capital markets should have settled, meaning more profitable margins can be expected.
Commenting on the decision to launch Checkmate, Knight says: “This will be my third and final business launch, and I intend it to be the best. Checkmate will rip up the rule-book on product design, distribution management and point of sale technology.”
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