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 buy-to-let 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.
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, Belmont Green’s CEO, added: “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.”
