Cityscape Financial Corp., continuing its overseas expansion, has completed the purchase of a London-based mortgage company.

Cityscape paid $23 million and issued 274,000 shares of common stock to acquire J&J Securities Ltd., an originator of nonconforming first and second mortgages.

The acquisition provides Cityscape's existing mortgage corporation in Britain with "new strategic broker relationships, additional experienced management, and a greater share of the U.K. nonconforming mortgage market," a Cityscape spokesman said.

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