Kensington completes £497m securitisation

Specialist lender Kensington has closed its first securitisation in three years, raising £497 million for further expansion.

Related topics:  Finance News
Rozi Jones
27th March 2015
handshake business legal contract hire

Strong demand enabled Kensington to increase the size of the securitisation issue which was oversubscribed.

The issue, which was arranged by Morgan Stanley as joint lead manager together with Citi and Credit Suisse, closed last week and included £370 million of AAA-rated bonds priced at 1.15% over LIBOR.

Ian Henderson, Chief Executive at Kensington said:

“The strong demand from the capital markets underlines our confidence in the expansion of the specialist lending market and combined with the recent change of ownership will enable Kensington to target opportunities in the residential and buy-to-let market.

“Kensington's experience over 20 years shows that not all borrowers fit the High Street criteria, even though they may be entirely creditworthy. These include borrowers who are self-employed or, even, full time employees who may have complex income situations.

“There is a real need for case by case manual underwriting which is why Kensington will be investing in providing support to brokers to help them identify and place specialist cases.”

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.