Complex Buy To Let
TML completes first BTL securitisation worth £330m
The Mortgage Lender (TML) has completed a £330m securitisation of 2,096 unregulated residential buy-to-let (BTL) mortgages.
It is the first BTL securitisation the lender has secured.
The lender said the deal was fully subscribed with £200m class A notes priced at 110 basis points above the Sterling Overnight Index Average (Sonia) rate privately marketed to investors and then made public on 17 September.
X-graded notes and residual certificates were also placed with investors which means the £330m transaction was fully subscribed at pricing, it added.
The Mortgage Lender chief executive Peter Beaumont (pictured) said: “The first buy-to-let securitisation of assets originated and serviced by The Mortgage Lender marks a significant milestone for us.
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“To generate positive interest from investors in the current climate is testament to the quality of the loans we are originating and the quality of the team, who have worked tirelessly to support our introducers and customers.
“Over the last six months we’ve gained market share in buy to let and look forward to being a regular originator of securitised assets moving forward.”
Beaumont added that the lender was expanding its customer services team.