You are here: Home - News -

Precise Mortgages launches debut securitisation

by:
  • 12/11/2013
  • 0
Precise Mortgages launches debut securitisation
Precise Mortgages is to issue its first securitisation next month, the firm has announced.

Precise will launch the public residential mortgage-backed security programme in December having appointed Credit Suisse as arranger and lead manager.

The bond, Precise Mortgage Funding No. 1, has a provisional size of £163.75m including a prefunding element of 20%. The deal will be marketed later this month and a statement said it would target a ‘broad investor base’.

All loans in the transaction have been originated by Precise during 2013 and have been subject to Experian credit scoring plus a combination of automated and manual underwriting.

All homeowner loans have been income verified and affordability has been stress tested to reversion rate +2%. The fund is a mix of buy-to-let and residential mortgages, the latter all with a minimum interest coverage ratio of 125%.

Precise’s sister firm Exact Mortgage Experts will service the portfolio following its securitisation.

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 creditworthy individuals.”

 

There are 0 Comment(s)

You may also be interested in

  • RT @VickyHartleyMS: Review the week's top stories @mortgagesols Top 10 most read mortgage broker stories this week – 22/03/2019 - Mortgage…

Read previous post:
Value of first-time buyer lending up 50% year-on-year

Lending to first-time buyers in September totalled £3.3bn in value, a fall on August but a hefty 50% increase by...

Close