Announcement of Securitisation Settlement

Lendinvest PLC

30 November 2023

 

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LEI: 213800NWMK3O4UWP9N91

30 November 2023

LendInvest plc

LendInvest completes fifth and largest securitisation of £410 million of UK prime BTL mortgage loans

LendInvest plc (LSE: LINV, "LendInvest"), a leading platform for mortgages and the ultimate holding company of LendInvest BTL Limited, today announces that LendInvest BTL Limited has completed the group's fifth and largest securitisation of £410 million of UK prime Buy-to-Let mortgage loans in an oversubscribed Residential Mortgage Backed Security (RMBS) transaction, "Mortimer BTL 2023-1".

The securitisation, which comprised £410 million of UK prime BTL mortgage loans, received an Aaa(sf) and AAA(sf) rating (for 89.5% of the pool) from global credit rating agencies Fitch and S&P Global Ratings respectively. 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 LendInvest's Buy-to-Let and Residential products.

National Australia Bank and Lloyds acted as Joint Arrangers. Barclays, Citi, HSBC, Lloyds, National Australia Bank Limited, Wells Fargo Securities acted as Joint Lead Managers.

The transaction increases LendInvest's total Funds under Management (FuM) to £4.2 billion. The business has now lent more than £6 billion of property finance to UK borrowers since 2008.

Rod Lockhart, Chief Executive Officer of LendInvest, said: "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."

Miray Muminoglu, Head of Securitised Products Group and FIG DCM at Lloyds, said: "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."

Rahni Soliman, Global Head of Capital Markets Originations at National Australia Bank Limited, said: "National Australia Bank was pleased to act as Co-Arranger and Joint Lead Manager on the latest Mortimer 2023-1 term transaction, this being the largest transaction for the Mortimer shelf to date, and a very successful return to the RMBS market."

--Ends--

Note to Editors

* SONIA: Sterling Overnight Index Average

Enquiries:

LendInvest via Teneo                                                                                                           [phone]
Rod Lockhart, Chief Executive Officer                                          
David Broadbent, Chief Financial Officer

Hugo Davies, Chief Capital Officer
Leigh Rimmer, Head of Communications                                                                                   
[e-mail]                       

Panmure Gordon (NOMAD and Joint Broker)                                                               [phone]
Atholl Tweedie
David Watkins

Cavendish (Joint Broker)                                                                                                    [phone]
Jonny Franklin-Adams
Tim Redfern

Teneo (Financial PR)                                                                                                             [phone]
Tom Murray
Ed Cropley
Olivia Lucas         

Important Notices

The information contained in this announcement is for information purposes only.  This announcement has been prepared in accordance with English law, the UK Market Abuse Regulation and the AIM Rules for Companies and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.

Subject to the requirements of the UK Market Abuse Regulation and the AIM Rules for Companies, the delivery of this announcement shall not create any implication that there has been no change in the affairs of LendInvest or any group company since the date of this announcement or that the information in this announcement is correct as at any time subsequent to its date.

Certain statements in this announcement are forward-looking statements. In some cases, these forward looking statements can be identified by the use of forward looking terminology including the terms "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve" and words of similar meaning or in each case, their negative, or other variations or comparable terminology. Forward-looking statements are based on '''current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause results or events to differ materially from what is expressed or implied by those statements. Many factors may cause actual results, performance or achievements of LendInvest to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of LendInvest and members of its group to differ materially from the expectations of LendInvest, include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and changes in regulation and policy, changes in its business strategy, political and economic uncertainty and other factors. As such, undue reliance should not be placed on forward-looking statements. Any forward-looking statement is based on information available to LendInvest as of the date of the statement. All written or oral forward-looking statements attributable to LendInvest are qualified by this caution. Other than in accordance with legal and regulatory obligations, LendInvest undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement should be regarded as a profit forecast.

 

END