Property finance platform LendInvest has completed its sixth securitisation of £285m UK prime buy-to-let (BTL) and owner-occupied loans.
This is the first securitisation of owner-occupied loans since the firm, which is also the parent company of LendInvest BTL and LendInvest loans, launched into this part of the market in 2023.
The Mortimer 2024-Mis Plc transaction was oversubscribed and received Aaa and AAA ratings from S&P Global Ratings and Moody’s, respectively, for 86.5% of the loan pool.
The transaction was supported by 17 investors, which LendInvest said showed confidence in its “underwriting quality, performance history and technological prowess”. The senior tranche was priced at 83 basis points over SONIA.
This brings LendInvest’s total funds under management to £4.67m.
To date, the lender has provided more than £7.5bn in property finance to investors and homeowners across the UK.
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BNP Paribas and Citi acted as joint arrangers, with JPMorgan, Lloyds and National Australia Bank Limited, Citi and BNP Paribas acting as joint lead managers.
In recent months, LendInvest has obtained a £300m financing syndicate with BNP Paribas, Barclays, and HSBC and a £1.5bn funding agreement with JPMorgan.
Rod Lockhart, chief executive of LendInvest, said: “I am delighted to announce the completion of our sixth securitisation, marking another milestone since we launched our residential mortgage backed securitisation (RMBS) programme in 2019.
“The strong response from investors and our competitive pricing underscores the market’s trust in LendInvest, our expanding RMBS range with the inclusion of owner-occupied loans, and our commitment to delivering value through high-quality assets. This securitisation exemplifies our capability to meet investor demand while continuing to grow responsibly.”
This year, the firm reported a record £250m in BTL offers between August and October, 270% higher than the same period in 2023.
Lockhart added: “Despite macro uncertainty around, for example, what the UK budget would bring, we’re continuing to see really healthy activity in the buy-to-let market – as our 270% increase in buy-to-let offers year-on-year demonstrates.”
