Second charge lender Equifinance has completed its debut public securitisation, East One 2024 Plc.
The transaction, named after its postcode and head office location, consists of a £260m portfolio of second charge mortgages. The offering was fully subscribed, launched and priced within two weeks and completed on 16 April 2024.
Equifinance, led by Tony Marshall, Chris Payne and Philip George (NED) started life as a niche lender in the second charge mortgage sector in 2012. Enabled by supportive funding partners, it has progressively expanded its product offering and grown its market share significantly in recent years. Equifinance has originated c.£500m of second charge residential mortgages since inception and intends to become a programmatic issuer.
Marshall (pictured), CEO at Equifinance, said: “We are extremely happy with the outcome of this transaction having developed strong relationships with our funding and distribution partners over the years who have supported us throughout our journey.
“This transaction provides Equifinance with a best-in-class funding structure, which will enable us to bring to market competitive products and services. However, we will still hold on to our traditional values of service and supplying products that are designed to help consumers achieve their financial goals.”