LendInvest (LSE:LINV) says it has completed its largest securitization ever at £410 million of mortgage loans (Mortimer BTL 2023-1). This is the fifth securitization completed by the Fintech for BTL (Buy to Let) mortgage loans.
LendInvest is a short-term loan originator that has done well in the UK market as a housing shortage persists. At one time, LendInvest accepted individual investors but today it solely works with institutions to fund its products of digital loans.
LendInvest adds that the Residential Mortgage-Backed Security (RMBS) received an Aaa(sf) and AAA(sf) rating (for 89.5% of the pool) from global credit rating agencies Fitch and S&P Global Ratings, respectively. The senior tranche was priced at 1.17% over SONIA [Sterling Overnight Index Average].
The National Australia Bank and Lloyds acted as Joint Arrangers. Barclays, Citi, HSBC, Lloyds, National Australia Bank Limited, Wells Fargo Securities acted as Joint Lead Managers.
The transaction is said to have increased LendInvest’s total Funds under Management to £4.2 billion. In total, LendInvest has now lent more than £6 billion of property finance to UK borrowers since 2008.
LendInvest CEO Rod Lockhart said he was pleased with the completion of the transaction, adding that the securitization is particularly significant in the current market, and it “demonstrates the continued attractiveness of this asset class.”
