Perenna has completed the integration of Scroll Finance, a specialist second charge lender, following its acquisition of the business last year. The purchase price was not disclosed in the sources.
Scroll, founded in 2021, will continue to operate as a distinct brand focused on second charge lending. Its product range includes second charge mortgages for buy-to-let investors, comprising 2 and 5-year home equity loans, home equity lines of credit, and multi-property loans.
Perenna said the integration brings together the complementary expertise of both businesses and creates greater capacity for innovation and future product development across different segments of the lending market. Building on Scroll's second charge offering, Perenna plans to launch its own first charge buy-to-let product later this year.
"Perenna was founded to bring innovation and competition to the UK mortgage market, and it has had significant early success. As the business matures, we have the opportunity to diversify into segments of lending where borrowers and brokers continue to be underserved," said Ashish Kashyap, Deputy CEO and Chief Commercial Officer of Perenna.
"Bringing together Perenna and Scroll's complementary expertise gives us a strong platform from which to accelerate that ambition. Scroll brings established expertise in second charge lending, while our planned entry into first charge buy to let will further broaden the solutions we can offer," Kashyap said.
Alongside the integration, Perenna appointed Mil Consiglio as Head of Sales. Consiglio will be responsible for driving awareness of the broadening proposition, strengthening relationships with brokers and supporting future expansion into new areas of the lending market. He brings 16 years' business development experience, including roles at Lloyd's Bank and Vida Homeloans, and joins from CHL Mortgages. He reports to Kashyap, who was appointed Deputy CEO and Chief Commercial Officer following the Scroll acquisition.
"Perenna has a clear ambition to grow its presence in specialist lending, and the combination of Perenna and Scroll gives us a strong proposition to take to the broker market," Consiglio said.