21st Jan 2021 07:35
UK Mortgages Ltd - Bromsgrove, England-based investor in UK residential mortgages - Announces launch and pricing of Hops Hill No 1 PLC, the debut securitisation of a portfolio of first ranking, buy-to-let mortgage loans originated by Keystone Property Finance Ltd. Says the deal, which it carried out with TwentyFour Asset Management LLP, has been ready since early November last year, but as "the year-end approached and the resolution of a number of broader uncertainties became apparent, such as the approval and roll-out of vaccines, it became strategically beneficial to hold off until the new year." Notes this allowed the portfolio to grow as ongoing origination flowed into the loans pool, resulting in a larger transaction of GBP400 million.
"We are delighted with the outcome of this transaction, which saw unprecedented investor demand highlighting the high quality of the loan pool and securitisation structure. Additionally, the outstanding pricing performance combined with the larger deal size will further increase returns for UK Mortgages shareholders. We will now move on immediately to the task of finalising the follow-on warehouse to enable the company to build the next portfolio that will ultimately form Hops Hill No 2," says TwentyFour Portfolio Manager Rob Ford.
Current stock price: 68.87 pence
Year-to-date change: up 4.3%
By Zoe Wickens; [email protected]
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