The syndicated warehouse facility is supported by six lenders and offers financing for the lender over the next five years.
George Gee (pictured), managing director of commercial at Foundation Home Loans, said: “We are very pleased to be able to secure this significant, long-term financing to support our new core brands. It will allow us to continue developing our product proposition and resources while significantly growing the business in order to support our intermediary partners and their borrower clients, specifically those with specialist mortgage needs.
“The warehouse acts to rationalise and simplify the group’s funding structure, and will sit alongside the well-established Twin Bridges and Brants Bridge public RMBS programme.”
Paratus, of which Foundation Home Loans is the trading style, was advised on the financing by Matt Blake of George Street Advisory.
Blake added: “I am delighted to have supported Foundation Home Loans on the development of its funding plan and the delivery of this marquee transaction.”
Residential by Foundation launches products and cuts rates
Residential by Foundation, the specialist residential mortgage brand of Foundation Home Loans, has launched new products and reduced rates across its limited-edition, special and core ranges.
New products include an F1, for owner-occupiers who just fall outside the mainstream, five-year fixed rate limited edition mortgage available up to 9% LTV with a rate of 5.99%. It has a maximum loan amount of £750,000, fixed £1,295 fee and is eligible for purchase and remortgage.
The lender has cut rates in its F1 and F2, which is for borrowers with blips in the last 24 months, special fee-assisted two- and five-year fixed rates. F1 rates start from 6.24% with a fee of £295, and the F2 range rates begin from 6.34%.
The F2 and F2 products in its core range have been lowered for owner-occupied borrowers buying energy-efficient properties.
Selected core F1 and F2 rates have also been cut, and start from 6.19%.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We continue to see a growth in demand from residential borrowers who are just beyond the mainstream in terms of their finances or their wants and needs, and it’s important we continue to review our product range to support advisers with these types of clients.
“We’re therefore very pleased to be able to announce a new F1 Limited Edition five-year fix, which comes with a competitive rate, is available up to 80% LTV, and comes with a fixed fee.
“Plus, we are also using this opportunity to cut rates on our selected F1 and F2 Special Edition and core residential products, making those rates more competitive, and helping borrowers meet the affordability criteria.”
He added: “Specialist residential borrowing is becoming an ever-growing part of our market, and at Residential by Foundation, we are continuing to evolve our proposition to ensure it takes this into account.
“We have products for a variety of borrowers, from professionals to key workers, the self-employed to those with a low credit score, from those with complex incomes to those borrowing into retirement, and we are here to support advisers as they seek the right product solutions for this wide array of borrowers.”
