VENN PARTNERS TO ESTABLISH NEW RESIDENTIAL MORTGAGE ORIGINATION PLATFORM

IN THE NETHERLANDS AND PLANS TO BOOST ITS DUTCH MORTGAGE LENDING BOOK TO €1BN IN 2015

Consumer credit specialist Marc de Moor formerly an executive director of Argenta one of Belgium’s largest banking groups recruited to lead the new residential mortgage business

Venn Partners LLP, an asset manager and operator of real estate debt and secured consumer loan platforms, is to establish a new residential mortgage origination platform in the Netherlands and plans to boost its Dutch mortgage lending to €1 billion by the end of 2015.

Marc De Moor, a consumer credit specialist, formerly an executive director of Argenta, Belgium’s fifth largest banking group, and previously CEO of Argenta Nederland, has been recruited to lead the new residential mortgage origination and servicing business in the Netherlands.

Marc de Moor has over 30 years of experience in social housing funding, retail banking and insurance. At Argenta Nederland he established a successful Dutch retail operation and built it up to include a €15 billion mortgage portfolio and a €2.5 billion savings and complementary life insurance business. He also guided the bank to an A rating and full Internal Ratings-Based (IRB) status since he joined the executive committee in 2006.

Venn Partners has established several direct lending platforms in real estate and secured consumer credit, and plans to develop a sustainable and growing presence in the Dutch residential mortgage market with simple, transparent products. In late 2013, a consortium led by Venn Partners acquired a €500 million portfolio of prime Dutch residential mortgages from GE Artesia, which it successfully refinanced through its Cartesian RMBS platform.

Building on the success of that transaction, Venn Partners is now ready to start originating new Dutch mortgages, targeting €500m of mortgage origination per annum and at least one RMBS issuance per year through the Cartesian platform. The decision to establish a new Dutch residential mortgage origination and servicing platform is a key part of Venn’s wider strategy to expand its direct lending activities in Europe, as part of the wider reconfiguration of the supply of credit away from banks and other traditional lenders.

Jonathan Clayton, Managing Partner at Venn Partners, commented:

“We are delighted to welcome Marc on board. His experience and track record demonstrates our aspirations and credentials in this important market, and we look forward to establishing a successful residential mortgage platform together.”

Marc De Moor, Head of Dutch Mortgage Lending at Venn Partners, commented:

“I am very excited to be joining Venn to develop this important new business area. Our target will be the Dutch mortgage market where current dynamics are interesting and challenging. Following 7 hard years and a 20% price drop the housing market is picking up again with increasing volumes of new lending, healthier margins and consumers who are more positive and receptive to new market entrants.”