Named Twin Bridges 2019-1 and valued at £329m, this is the largest securitisation of mortgages that the specialist lender has originated to date and its first UK residential mortgage-backed securities buy-to-let trade this year.
The transaction was oversubscribed and attracted an order book of 41 orders totalling £832m.
The lender stated that all classes of bonds were oversubscribed at least twice, and the trade was done with zero new issue premium over the price at which previous Twin Bridges securitisation bonds trade in the secondary market.
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Hans Geberbauer, chief executive at Foundation Home Loans (pictured above), said: “This is a huge strategic success for the business and underlines the strength of our treasury team at a time when some competitors have been struggling to demonstrate the reliability of their funding approach.
“The transaction demonstrates the confidence investors have in our proposition.
“We have recently expanded our warehouse facilities to £750m of funding commitments.
“The proceeds from this transaction will be directly reinvested in funding our ambitious growth plans for new mortgage originations.”