Precise Mortgages to issue inaugural securitisation

By Bridging Loan Directory -

 

Charter Court Financial Services (CCFS) acting under its brand name Precise Mortgages, is launching a public RMBS programme commencing in December 2013 with Credit Suisse appointed as Arranger and Lead Manager.

The Fitch and S&P rated transaction has a provisional size of £163.75m including a prefunding element of 20%.  The deal, to be marketed in November, will target a broad investor base and is expected to close in the first half of December.

 

  • All loans in the transaction have been originated by Precise Mortgages in 2013
  • All loans have been subject to a combination of automated and manual underwriting
  • All loans have been credit scored using a suite of Experian scorecards
  • All home owner loans are income verified and affordability has been stressed to reversion rate + 2%
  • Buy to let loans have a minimum interest coverage ratio of 125% with the average being 149%
  • No loans are currently in arrears or have ever been in arrears since origination

 

CCFS, acting under its brand name Exact Mortgage Experts, shall retain servicing of the portfolio.  Exact is a premium Fitch rated UK third-party mortgage administrator with Fitch ratings of RSS2- for its Special Servicing and RPS3+ for Primary Servicing.

Sebastien Maloney, Chief Financial Officer of Precise Mortgages commented: 

“The launch of our securitisation programme is positive news for both investors and borrowers as the diversification of our funding base will allow us to extend more loans to credit worthy individuals while offering institutional investors an opportunity to participate in a programmatic shelf.”

For further information you can download the deal Presale reports from Fitch Ratings and S&P’s websites.