Equifinance completes £260m second charge securitisation

Equifinance said that the transaction, which is named East One 2024 plc, was fully subscribed, launched to market and priced within two weeks.

The transaction completed on 16 April.

Equifinance, led by CEO Tony Marshall, CFO Chris Payne and non-executive director Philip George, was founded in 2012 and, since then, has originated close to £500m of second charge residential mortgages.

The company added that it intends to become a “programmatic issuer”, so securitisation will be a vehicle they will use going forward as a funding source.

The lender said that it “believes its strength lies with its employees, relationships with distribution and funding partners, along with a wide product range that seeks to provide solutions that satisfy a diverse range of customer needs”.

Tony Marshall said: “We are extremely happy with the outcome of this transaction, having developed strong relationships with our funding and distribution partners over the years, who have supported us throughout our journey.

“This transaction provides Equifinance with a best-in-class funding structure, which will enable us to bring to market competitive products and services. However, we will still hold on to our traditional values of service and supplying products that are designed to help consumers achieve their financial goals.”

According to recent figures from the Finance and Leasing Association (FLA), the value and volume of second charge business rose in December, January and February.