The issues, Slate No.1 and 2, contain more than £2.7bn of residential mortgages recently acquired by a group of investors led by J.P Morgan and Commercial First Group.
The portfolios consist of performing residential mortgage loans from the legacy books of NRAM, Bradford & Bingley and Mortgage Express, secured on residential property assets in the UK.
They were sold as part of UKAR’s on-going process to run down the closed mortgage books of both Bradford & Bingley and NRAM whilst getting the best value for the taxpayer.
Richard Klemmer (pictured), Peppers’ UK CEO, said: “Pepper is absolutely delighted to have been awarded this mandate. The Slate securitisations are ground breaking and signify renewed appetite from investors in UK Residential Mortgage Backed Securities on a global scale. Pepper looks forward to working with all parties to ensure the highest possible service standards are maintained for all customers and investors.”
Pepper currently has over £4.5bn of assets under management which it expects will rise to over £5bn by the end of 2014. With the Slate assets Pepper’s total assets under management will reach £8bn, involving in excess of 60,000 loan accounts.