Complex Buy To Let
Kensington secures £1bn of lending with new funding line
Kensington Mortgages has secured almost £1bn in funding, which the lender says will cover residential mortgage lending and originations until 2021.
The warehouse credit line is equally funded by BNP Paribas and Citibank.
It follows Kensington’s securitisations last year, where an additional £600m worth of funding was confirmed in November.
In total, Kensington raised almost £2bn of funding through securitisations in 2018.
Fears over funding streams have rippled through the specialist lending market after Secure Trust Bank stopped all new lending, Fleet Mortgages paused lending after fulfilling its £400m funding line, and Amicus went into administration.
The next step towards a better home buying journey
Sponsored by Halifax Intermediaries
Alex Maddox, capital markets director for Kensington Mortgages (pictured), said: “As we start the New Year, Kensington remains an active player in the wholesale funding markets.
“The renewal and extension of this warehouse facility will provide funding capacity for new loans originated up to January 2021 and thereby provide Kensington with the confidence to grow in the current politically volatile and uncertain climate.
“We’ve raised almost £13bn of funding through warehouse lines and securitisations since Kensington Mortgages changed ownership in 2015.”