LSL Property Services completes TenetLime acquisition

LSL Property Services has completed the acquisition of TenetLime in a deal worth up to £12.9m.

The confirmation follows the announcement made last August that LSL Group had exchanged contracts to acquire the TenetLime network.

TenetLime’s network provides services to 231 mortgage and protection advisers, operating within 133 appointed representative (AR) firms. Its advisers arranged approximately £3.9bn worth of mortgages in 2022.

As LSL Group previously announced, the cash consideration payable is expected to be worth up to £12.9m consisting of an initial payment of up to £5.6m, calculated by reference to the number of AR firms at completion and the turnover of these firms in 2022, and then a further payment of up to £4.5m, calculated by reference to the number of AR firms a year from now after completion.

It also involves an expected payment of £2.8m for assets which form part of TenetLime’s regulatory capital.

Following a short transition period, TenetLime members will be fully integrated into the operations of LSL Group’s PRIMIS Mortgage Network.

LSL Group financial services director, Jon Round, said: “I am delighted to welcome the TenetLime businesses and advisers into the PRIMIS Network. It has been a real pleasure for myself and my colleagues to meet so many of the Tenet advisers at our recent series of regional events and we look forward to supporting their 2024 plans.

“PRIMIS has seen significant organic and acquisitive growth over many years and I am pleased to be able to extend the PRIMIS proposition to yet another set of firms and advisers.”



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage

Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area