Lone Star’s Start Mortgages completes transfer of €2bn of loans to Mars Capital

Start Mortgages, the loan-servicing company owned by US private-equity giant Lone Star, has completed the transfer of €2 billion of mortgages that had been on its books to rival Mars Capital Ireland, after deciding late last year to quit the market.

The deal, which first emerged last November, has seen the management of mortgages to some 11,000 customers transfer gradually over a period of months, increasing assets under management by Mars Capital to more than €10 billion, Mars said in a statement.

Pepper Advantage, the largest loan-servicing player on the Irish market, manages almost €25 billion of loan assets on behalf of clients, spanning mortgages owned by overseas investment funds to active nonbank lenders and mainstream banks.

“Bringing more than €2 billion of assets under our management on to our platform is both an exciting expansion of Mars Capital’s business in Ireland and a huge responsibility which we take very seriously,” said Colin Maher, chief executive of Mars Capital Ireland.

The full article is available at https://www.irishtimes.com/business/2024/06/06/lone-stars-start-mortgages-completes-transfer-of-2bn-of-loans-to-mars-capital/