The £205m Fitch and S&P rated transaction is comprised of near-prime residential and buy-to-let mortgages.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “Having a diversified funding model enables us to continue with our strategy of helping borrowers underserved by high street lenders. We recently became a bank which gives us an additional funding source, we believe this will lead to Precise Mortgages becoming the specialist lender of choice for the intermediary market.”
Charter Court Financial Services (CCFS), the parent company of Precise Mortgages, launched a savings proposition called Charter Savings Bank in January following the approval of its banking licence.
CCFS said it has no plans to offer mortgages through Charter Savings Bank and will continue to use Precise Mortgages as its sole originator of mortgages.
Charter Savings Bank offers three savings accounts with deposits ranging from £1,000 to £250,000, giving savers the option of monthly or annual interest repayments on all accounts.