Buy-to-let lender LendInvest has sold the residual economic interest in its Mortimer BTL 2023-1 securitisation for a consideration of £5m.
LendInvest said this was part of its strategy to optimise its funds under management and move more assets off its balance sheet.
The transaction is expected to reduce its gross loans and advances of around £392m and result in a net pre-tax profit of roughly £12.1m for the 2024 financial year.
Last year, it completed a securitisation of Mortimer BTL 2023-1 which comprised £410m of UK buy-to-let mortgages. This was its fifth and largest transaction.
LendInvest: ‘Delighted to have completed sale’
In its last financial update, which covered the four months to July 2023 and the lender’s first quarter of its 2024 financial year, LendInvest said it was disappointed in its performance.
It said market conditions led to a decline in activity and reported a shortfall in its unaudited profit before tax of £4.5m. At the time, the lender said its full-year profit would be below expectations.
Speaking of the latest transaction, Rod Lockhart (pictured), chief executive of LendInvest, said: “We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability.”
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.
Follow her on Twitter at @ShekinaMS
