Banking group Bradford & Bingley has completed a £106 million deal for a loan book covering customers with high credit risk.
The agreement builds on an earlier deal with lender GMAC-RFC - part of General Motors - to acquire up to £1.05 billion of mortgage loans.
The acquisition, which is being funded through existing resources, has been made through Bradford & Bingley's niche lending arm Mortgage Express.
The company said the portfolio being acquired had an average loan size of £89,000, with all loans secured on UK residential property.
It added: "The group will closely monitor the credit performance of this portfolio against the higher returns it offers."
Mortgage Express specialises in niche areas such as lending to self-employed people, buy-to-let loans and serving customers who require a 100 per cent mortgage.
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