OSB Group will retire the Kent Reliance for Intermediaries brand, launching an new brand called Rely, and is restructuring brand specialisms, this publication understands.
The Rely brand will be a “buy-to-let powerhouse” and will leverage the new technology platform created by OSB Group.
Highlights of the platform include broker registration in fewer than four minutes, broker input reduced by as much as 50% and overall time for application processing cut by 25%.
Kent Reliance was formerly a building society, founded in 1898 as Chatham & District Reliance Building Society and becoming Kent Reliance Building Society in 1986 after it merged with several other building societies.
The firm became part of OneSavings Bank, now OSB Group, in 2011, with Prestige Finance and InterBay Commercial also joining the group at this time.
Kent Reliance for Intermediaries currently specialises in specialist buy-to-let (BTL) and residential cases, with specialisms in large loan mortgages, limited company and special purpose vehicle (SPV), shared ownership, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs), self-employed and contractor deals and lending into retirement.
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Speaking to Specialist Lending Solutions, Adrian Moloney (pictured), group intermediary director at OSB Group, said the group ran a “really successful multi-brand strategy” and it was “really committed” to that.
He explained that because of combinations and acquisition, there has been “crossover in our brands on the lending streams”.
Moloney said that going forward, all BTL will be under one brand, Rely, with Precise moving away from BTL and focusing on the residential market.
He noted that this switchover had already started to happen, with Precise updating its maximum loan to value (LTV) for residential cases and launching residential products.
Moloney said: “The buy-to-let market has become more specialised and more professional, so by housing buy-to-let under the one brand, we’ll be able to cater for all of those landlords’ needs. We won’t have restrictions of legacy platforms or legacy systems.”
He added that by refining the brand strategy, there would be more tailored products and, consequently, more choice.
“We’re able to combine all of that market knowledge we’ve learned over the years through both brands, and bring that to market now in a brand as part of the OSB family that stands able to market, stands for our rights of that investment offering in the house of brands,” he added.
Moloney said Precise would still operate in the bridging market and InterBay would continue to focus on specialist commercial business.
“We’re bringing a lot of new, better stuff to market, but you’ll still maintain that same team, same expertise and that same support that we know brokers like,” he said.
Moloney added that it “gives a real clear direction to our brands going forward”.
The final stages are being completed, with an official launch due in the summer.
