Complex Buy To Let
Lendco renews £300m warehouse facility
Guest Author:
Peter TabernerLendco has renewed its £300m buy-to-let Warehouse facility with its financial partners BNP Paribas and HSBC.
The deal allows the company to fund its new originators for a further three years, as it grows its loan book beyond the £1.5 billion mark.
Commenting on the deal, Adrian Scragg, the director of treasury, capital markets, and ESG of Lendco, said “We are delighted to have renewed our warehouse facility, which continues our deep-rooted partnership with BNPP and HSBC who have believed in and supported our business through some challenging economic times.”
“Our funding platform is nicely positioned to support the business on its continued growth trajectory.”
Busy year for Lendco
The renewal of the warehouse caps what has been a busy year for the firm, who specialise in buy-to-let mortgages and bridging loans.
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In June, the firm signed a bridging warehouse facility with Natwest. The increased funding was brought in to allow the lender to widen its bridging criteria, resulting in more choices for its clients.
While in May, it priced its third securitisation Atlas 2023-1 valued at £304m, it was oversubscribed with the lender receiving offers that climbed to £580m, against £290m of bonds being offered.
Meanwhile, earlier this month, Specialist Lending Solutions reported that Lendco’s sales team had been bolstered by the arrival of Kieran Ryan as bridging sales executive.