Molo Finance has partnered with ColCap Financial, a private Australian non-banking financial institution specializing in mortgage lending.
The partnership will allow ColCap to enter the UK market as the first step in its international strategy.
As part of the agreement, ColCap has made a strategic investment in Molo and will provide support to further expand access to mortgage finance to help it enter the buy-to-let (BTL) market.
Molo says it aims to re-enter the market soon with a new innovative range for its BTL products, after suspending the production of products since April this year due to the volatility of capital markets and its impact on some of Molo’s former funders.
Molo Co-Founder and Chief Executive Officer Francesco Carlesi says, “We are very excited to partner with ColCap, who understands our strategy and technology offering.”
“This partnership will combine ColCap’s innovative product with Molo’s innovative technology platform and further strengthen our offering as we work to re-enter the market.”
ColCap chief executive Andrew Chepool adds: “We are very excited to be moving to the UK and bringing new loan products to market as we have done in Australia. Our partnership with Molo fits perfectly into our strategic plan.”
Speaking at a Lenders Live panel hosted by Knowledge Bank earlier this month, Carlesi revealed that Molo is now in a “better position” and has “learned our lessons” following the BTL lending suspension.
She explained: “The storm is over now but it was quite an intense moment. In a way, we had no choice. The good news now is that we have set things up in a way that is even more secure than before.”
