Belmont Green, trading as Vida Homeloans, has issued its first European Residential Mortgage-Backed Security (RMBS) transaction of the year.
The transaction, Tower Bridge Funding 2021-2, raised £400m from a mixed pool of buy-to-let and owner-occupied mortgages.
It follows Belmont Green’s two successful transactions in 2021 and was supported by Santander, Barclays, and Bank of America.
Belmont Green suggested the transaction attracted strong investor interest, with the five classes of notes issued attracting more than £1bn of demand. This included interest from several new investors to the programme, and the firm achieved its lowest cost funding to date with the Senior Notes pricing at 72 basis points over Sterling Overnight Index Average (SONIA).
Belmont Green CEO, Anth Mooney, commented: “The specialist mortgage market continues to develop as we emerge from COVID-19, and customers subsequently reassess their living circumstances. This latest RMBS deal and our resulting lower cost of funding allows Vida to help more customers and in the longer term, supports our growth ambitions as we work towards seeking authorisation as a bank from the PRA.”
Belmont Green has also become the first UK issuer to publicly distribute the new industry standard ESG questionnaire, supplemented by separate ESG presentation and Energy Performance Certificate (EPC) disclosures on the mortgage portfolio.
“We welcome the increasing focus from investors on ESG matters, as they are a fundamental consideration in the way we run and grow the business,” Mooney continued.
The firm’s CFO, John Rowan, added: “The pricing of and strong support for our latest securitisation transaction clearly demonstrates investors’ recognition of the strength of our mortgage book and business. We are happy to welcome more investors to the platform and are encouraged by the strong demand to invest in Belmont Green transactions.”
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