Belmont Green unveils £350m securitisation

15 July 2020 | General

Belmont Green, trading as Vida Homeloans, has unveiled a £350m securitisation deal.

This deal, which has been led by Barclays, JP Morgan, NatWest Markets and Santander, is one of the first since the onset of the COVID-19 crisis and the fifth residential mortgage-backed securities transaction for Belmont Green.

Anth Mooney, chief executive, Belmont Green, said: “This is one of the first RMBS transactions to complete in Europe since the onset of the COVID-19 crisis and we are delighted to have seen such strong demand from investors.

“COVID-19 has had an unprecedented impact on the UK mortgage market. The virus and the subsequent lockdown effectively closed the securitisation markets, so our deal can be seen as an important staging post in the recovery of market confidence.”

“Our responsibility as a specialist lender at this time is to help people with what are real life circumstances. Vida Homeloans can now look forward and re-focus on the vital role it plays in supporting Britain’s many underserved borrowers, from key workers to single parents to the self-employed.”

Pricing on the transaction was strong, with AAA notes settling at 137 basis points over SONIA (Sterling Over Night Index Average).

This post has originally been featured in Property Wire.