Belmont Green, which trades as Vida Homeloans, has issued its second residential mortgage-backed security (RMBS) of 2023.
The securitisation, Tower Bridge Funding 2023-2, has raised £400m to help drive lending growth across the specialist residential and buy-to-let (BTL) markets.
Supported by Barclays, NatWest and Santander, this is now the tenth RMBS transaction from Belmont Green. Attracting £600m of demand from UK and international investors, the Class A notes were preplaced with the Class B, C and D notes being offered publicly and oversubscribed by 6.8 time, 6.2 times and 3.2 times respectively across the tranches.
Vida suggested the transaction, together with warehouse facilities, have further strengthened its funding capacity to support the growth of the business and its purpose to help more people find a home.
“We are pleased to have priced our second specialist mortgage deal of the year, with the transaction drawing strong support from investors,”said Belmont Green CFO, John Rowan. “The demand is a testament to the strength of our portfolio and the levels of oversubscription demonstrates confidence in our investor approach and execution.”
CEO, Anth Mooney, CEO added: “The business is on a far firmer footing than it has ever been, and we are delighted with the outcome of this transaction despite the market challenges. Our capital markets expertise combined with the diversified funding capability we will have as a Bank, will provide a platform from which we can compete more effectively and achieve our growth ambitions.”
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