Precise completes second £235m securitisation

Precise completes second £235m securitisation



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Charter Court Financial Services Limited (CCFS) under its brand name Precise Mortgages, has announced the completion of its second securitisation after attracting strong demand….

Charter Court Financial Services Limited (CCFS) under its brand name Precise Mortgages, has announced the completion of its second securitisation after attracting strong demand…


The Fitch and S&P rated deal was successfully placed with a number of key institutional investors. It has been revealed that it was more than two times oversubscribed on the senior notes. 

The latest securitisation closed this week on the 22nd July, where it was announced that CCFS was able to increase its overall deal size to £235MM, bringing the total placed in capital markets since December 2013 to £400MM.

Strong demand enabled CCFS to price its AAA rated £200MM senior note at just 80 basis points over three month Libor - an improvement of 35 basis points relative to its first deal.

The transaction follows on from CCFS’ inaugural securitisation (PMF No.1) in late last year, which we have been informed remains 100 per cent performing.

The new securitisation will support Precise Mortgages’ ongoing commitment to extend more loans to creditworthy borrowers in both the home owner and buy-to-let spaces. 
 
Commenting on the securitisation, Simon Allsop, Head of Securitisation of Precise Mortgages, said:  “Our second securitisation was heavily oversubscribed, drawing in a range of investors from Europe and beyond, and highlighting that demand for high quality mortgage loans remains incredibly strong. 

“Diversifying our funding base in this way supports Precise Mortgages’ on-going new lending programme. To date we have lent over half a billion pounds in the home owner and BTL spaces, yet there is clearly still a significant need which our successful securitisation will help us address.” 
 

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