The deal, worth £230 million, comprising a blended prime pool including buy to let, self-certification and mainstream products was completed on 30th June 2004 and confirms the excellent business relationship which has developed between the two companies in the past three years.
Craig Beresford, head of asset sales at GMAC-RFC, says: “GMAC-RFC continues to lead the UK market in the creating and trading of assets. This is our fourth transaction with West Bromwich and we are pleased to be continuing our business relationship with them. This example of a blended portfolio sale reinforces GMAC-RFC’s position as an all status lender providing mortgages for everyone, a strategy that goes from strength to strength.”
The West Bromwich Mortgage Company is a wholly-owned subsidiary of the West Bromwich Building Society and this latest acquisition is regarded by the Society’s Chief Executive, Andrew Messenger, as another strong sign of the West Brom Group’s ability to acquire quality mortgage portfolios.
In welcoming this latest acquisition, Mr Messenger said: “We are delighted to complete our fourth transaction with GMAC-RFC. Portfolio acquisitions are an integral part of our business and play a significant role in enabling the Society to achieve business growth in a controlled and structured manner. We have again returned record results this year and the West Bromwich Mortgage Company continues to make a growing contribution to that impressive performance.”
