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Belmont Green prices second securitisation deal of 2023

New deal raises £400m to support the mortgage lending specialist in providing brokers and their customers with solutions to complex mortgage needs.

Belmont Green, trading as Vida Homeloans, has issued its second residential mortgage-backed security (RMBS) of 2023, Tower Bridge Funding 2023-2, raising £400m to help drive lending growth across the specialist residential and BTL markets.

This is the tenth RMBS transaction from Belmont Green and was supported by Barclays, NatWest and Santander. Attracting £600m of demand from UK and international investors, the Class A notes were preplaced with the Class B, C and D notes being offered publicly and oversubscribed by 6.8x, 6.2x and 3.2x respectively across the tranches.

The transaction, together with warehouse facilities, further strengthens Vida Homeloans funding capacity to support the growth and development of the business and its purpose to help more people find a safe place to call home.

John Rowan, CFO, Belmont Green said: “We are pleased to have priced our second specialist mortgage deal of the year, with the transaction drawing strong support from investors. The demand is a testament to the strength of our portfolio and the levels of oversubscription demonstrates confidence in our investor approach and execution.”

Anth Mooney, CEO commented: “The business is on a far firmer footing than it has ever been, and we are delighted with the outcome of this transaction despite the market challenges. Our capital markets expertise combined with the diversified funding capability we will have as a Bank, will provide a platform from which we can compete more effectively and achieve our growth ambitions."

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