Similar to CMI, ModaMortgages will function as a specialized buy-to-let lender and both will only use middlemen. There will be distinctions between the two, though: ModaMortgages will offer an automated process with a focus on quick choices, while CMI offers the flexibility of combining technology and traditional underwriting across a wide variety of criteria.

The two lenders will coexist separately, each with their own teams, brands, and products, but they will also gain by pooling their knowledge, abilities, and experience under one roof.

"CMI is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come," says Andy Mielczarek, founder and CEO of Chetwood Financial.

"We're thrilled to see both brands grow together. Although they will function separately, we have no doubt that Chetwood's abundance of specialized lending expertise will only help them both succeed."

The terms of the contract were not made public; it was sealed after a competitive bidding process.