Bluestone Mortgages has announced the completion of its inaugural residential mortgage backed securitisation, Genesis 2019-1.
The transaction, which raised £210m of rated term funding follows Bluestone’s year-on-year increase in completions of 275 per cent. Over the past 12 months the business has processed in excess of £520m in mortgage applications.
The Genesis transaction represents a diversification in the company’s funding strategy alongside two warehouse facilities provided by Macquarie Bank and National Australia Bank together with a forward flow arrangement with one of the UK challenger banks.
The bonds issued as part of Genesis were rated by both DBRS and Standard and Poors rating agencies. The portfolio consisted of 1,091 mortgages with a weighted average loan to value of 67 per cent.
Peter McGuinness (pictured), group CEO at Bluestone, said: “Securitisation has been core to Bluestone’s DNA since 2000, with the wider Bluestone group having completed in excess of 25 transactions across residential and equity release mortgages and motor finance loans.
“Completing Genesis before the end of the summer has been the target and is a testament to the quality of the portfolio we have originated; we are delighted to welcome a new set of institutional investors to the platform.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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