Mortgages Plc is planning to launch an expected £180m securitisation.
Paul Howard, sales and marketing director at Mortgages Plc, said: “City and institutional investors now consider non-conforming loans to be saleable assets. Since we launched we have had £200m in new lending – highly successful when you consider we have only been trading for two years.
“If we continue at the current rate, our next securitisation could be as soon as autumn this year.”
Mortgages Plc has an average loan size of 72%. It is currently in the process of introducing a team of regional underwriters to enable speedier transactions.
Already the company has sliced three days of the application process by moving the point of offer to the packagers office.
l GMAC RFC launched a £225m securitisation managed by Deutsche Bank in April.
The Notes were made up of a portfolio of UK residential non-conforming mortgage loans originated by RFC Mortgage Services.
It was the third issuance of loans originated by RFC in the UK mortgage backed securities market, 90.25% of which were given a AAA rating by Fitch IBCA and Moody’s Investors Service.
Chris Nordeen, chairman of RFC Mortgage Services, said: “The size of the bond reflects the volume of business we have been handling and confirms RFC as a major player in the UK securitisation market.
“The availability of AAA-rated paper with the GM name attached will appeal to investors both in the UK and across Europe.”