Anthony Mooney

Belmont Green prices £350m securitisation deal

Belmont Green Finance Limited, trading as Vida Homeloans, has announced its sixth residential mortgage-backed securities (RMBS) transaction raising £350m from a mixed pool of BTL and owner-occupied mortgages.

The new deal, Tower Bridge Funding 2021-1, has been supported by Barclays, JP Morgan and Santander.

The transaction saw significant appetite from investors, with the deal being oversubscribed by between 1.5 and 3.8 times across the tranches, with several investors new to the programme.

According to the company, strong market demand helped it achieve its lowest cost of funding to date, with the senior notes pricing at 90 basis points over the Sterling Overnight Index Average (SONIA).

Anth Mooney, CEO at Belmont Green (pictured above), said: “The Covid-19 crisis has dramatically altered the financial lives of families and individuals across the UK. 

“From those looking to take their first steps on the housing ladder through to experienced homeowners reassessing how they want to live their lives, there are now many more borrowers than ever who are finding that their circumstances simply don’t fit the traditional credit scoring models of the big high street lenders. 

“This latest RMBS deal will allow us to help many more customers as the UK looks to get back to some sort of normality in the months ahead.” 

John Rowan, CFO at Belmont Green, added: “Our latest securitisation transaction is clear evidence that investors are recognising the quality of the Vida mortgage platform and the potential for the specialist lending sector to grow in the months and years ahead. 

“We knew there was strong investor support after our securitisation last summer and have been delighted with the reception for this deal. 

“Our investor base continues to grow, and we appreciate that support.” 

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