LendInvest has completed its fifth and largest securitisation of £410m worth of UK prime buy-to-let (BTL) mortgage loans.

The mortgage platform, and ultimate holding company of LendInvest BTL Limited, confirmed the completion of the oversubscribed residential mortgage backed security (RMBS) transaction, Mortimer BTL 2023-1.

LendInvest’s latest securitisation received an Aaa(sf) and AAA(sf) rating from credit rating agencies Fitch and S&P Global Ratings respectively, for 89.5% of the pool. The senior tranche was priced at 1.17% over SONIA.

The securitisation received the tightest pricing on a BTL RMBS transaction in the last six months, with proceeds used to power both LendInvest’s BTL and residential products.

LendInvest CEO, Rod Lockhart, commented: “I am delighted to announce the completion of this transaction, which is our fifth and largest securitisation since we started our RMBS programme in 2019.

“This achievement is particularly significant in the current market, and it demonstrates the continued attractiveness of this asset class.”

National Australia Bank and Lloyds acted as joint arrangers, while Barclays, Citi, HSBC, Lloyds, National Australia Bank, Wells Fargo Securities acted as joint lead managers.

Head of securitised products group and FIG DCM at Lloyds, Miray Muminoglu, added: “Having put in place the warehouse facility back in September 2022, we are very pleased to have assisted LendInvest to come to the market with this highly successful RMBS transaction.”

The transaction has increased LendInvest’s total funds under management to £4.2bn. The group has now lent more than £6bn of property finance to UK borrowers since 2008.

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