Belmont Green, the parent company of Vida Homeloans, has priced its first securitisation of 2023.
The firm announced that its residential mortgage-backed security (RMBS), Tower Bridge Funding 2023-1, has raised £350m to help drive lending growth across specialist residential and buy to-let (BTL) markets.
This is the ninth RMBS transaction from Belmont Green and was supported by Bank of America, Barclays, Macquarie Group, NatWest and Santander. It attracted over £900m of demand from UK and international investors, with notes being oversubscribed by between 2.5 times and 6.1 times across the tranches on offer.
Belmont Green stated the transaction, together with an expanded £900m of warehouse facilities, can strengthen Vida’s funding capacity in support of its growth plans.
“We were very pleased with the investor reception for what was again the first specialist mortgage deal of the new year,” commented Belmont Green CFO, John Rowan. “The pricing of the transaction and the demand from investors is a testament to the strength of our portfolio, their confidence in our platform and the wider specialist lending sector in the UK.”
CEO, Anth Mooney, added: “We transformed our intermediary service delivery in 2022 and as we start 2023, this transaction provides us with a deep funding capacity that will allow us to support the specialist lending market.
“Together with our strong service levels and excellent feedback from our intermediary partners, we go into the year with continued confidence as we move forward on our journey to become a bank.”
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