LendInvest completes fifth and largest securitisation of £410 million of UK prime BTL mortgage loans

By Bridging Loan Directory 30th November 2023

LendInvest plc (LSE: LINV, “LendInvest”), a leading platform for mortgages and the ultimate holding company of LendInvest BTL Limited, today announces that LendInvest BTL Limited has completed the group’s fifth and largest securitisation of £410 million of UK prime Buy-to-Let mortgage loans in an oversubscribed Residential Mortgage Backed Security (RMBS) transaction, “Mortimer BTL 2023-1”.

The securitisation, which comprised £410 million of UK prime BTL mortgage loans, received an Aaa(sf) and AAA(sf) rating (for 89.5% of the pool) from global credit rating agencies Fitch and S&P Global Ratings respectively. The senior tranche was priced at 1.17% over SONIA.

The securitisation received the tightest pricing on a BTL RMBS transaction in the last six months, with proceeds used to power LendInvest’s Buy-to-Let and Residential products.

National Australia Bank and Lloyds acted as Joint Arrangers. Barclays, Citi, HSBC, Lloyds, National Australia Bank Limited, Wells Fargo Securities acted as Joint Lead Managers.

The transaction increases LendInvest’s total Funds under Management (FuM) to £4.2 billion. The business has now lent more than £6 billion of property finance to UK borrowers since 2008.

Rod Lockhart, Chief Executive Officer of LendInvest, said:

“I am delighted to announce the completion of this transaction, which is our fifth and largest securitisation since we started our RMBS programme in 2019.

This achievement is particularly significant in the current market, and it demonstrates the continued attractiveness of this asset class.”

Miray Muminoglu, Head of Securitised Products Group and FIG DCM at Lloyds, said:

“Having put in place the warehouse facility back in September 2022, we are very pleased to have assisted LendInvest to come to the market with this highly successful RMBS transaction.”

Rahni Soliman, Global Head of Capital Markets Originations at National Australia Bank Limited, said:

“National Australia Bank was pleased to act as Co-Arranger and Joint Lead Manager on the latest Mortimer 2023-1 term transaction, this being the largest transaction for the Mortimer shelf to date, and a very successful return to the RMBS market.”