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Vida completes £300m lending and parent lands first securitisation

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  • 25/10/2017
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Vida completes £300m lending and parent lands first securitisation
Belmont Green Finance, parent company of Vida Homeloans, has completed its first UK mortgage-backed securitisation worth £231m after lending £300m since its launch.

NatWest Markets and Macquarie Bank led the UK mortgage-backed securitisation of Vida’s residential and buy-to-let loans and follows the lender’s launch in September 2016.

David Tweedy, CEO of Vida Homeloans, (pictured) said: “Tower Bridge Funding No.1 – Belmont Green’s first ever UK residential mortgage backed securitisation – has completed smoothly and quickly. Indeed, we believe that this may be one of the fastest UK mortgage backed securitisations from a lender’s launch that the market has ever seen.”

Tweedy confirmed Belmont’s plans to regularly issue residential mortgage backed securities.

“This transaction is a sign of significant investor demand for Belmont Green’s strategy and a vote of confidence in what Belmont Green is looking to achieve with the Vida brand,” said Tweedy.

In August, Vida told Mortgage Solutions exclusively its plans to launch in Scotland and into the second charge market, alongside ongoing discussions to broaden its distribution.

The lender has stated it is not focused on credit impaired borrowers with the majority of its lending to date going to buy-to-let remortgages. On the residential side, lending has been to first-time buyers and also multiple borrowers, often including parents, buying together.

 

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