Jerrold Holdings, Blemain’s parent, has extended its revolving securitisation programme, while also increasing the facility size to £675 million from £435 million.
The securitisation programme, Charles Street Conduit Asset Backed Securitisation 1 Limited, which was first issued in 2007, has also attained investment grade credit ratings from two agencies. Moody’s Investors Service rated the facility Aa2 and DBRS applied a rating of AA.
The revolving period now runs until January 2018 with a further 12 months’ non-revolving commitment to January 2019.
HSBC has also joined the facility alongside existing Note purchasers Royal Bank of Scotland, Lloyds Banking Group and Natixis.
The underlying mortgages are drawn from across Jerrold Holdings’ portfolio of companies including Auction Finance, Blemain Finance, Bridging Finance, Cheshire Mortgage Corporation and Lancashire Mortgage Corporation.
Marc Goldberg, Jerrold Holdings’ commercial director, said: “The successful expansion of our financing is another significant milestone as the company broadens its range of funding options to capture the considerable growth opportunities we see in a recovering UK economy.
“Alongside our successful £200m capital markets bond issuance in 2013, the securitisation is an important cornerstone of our financing as our lending to British businesses and home-owners approaches £600m per year.
“We look forward to working with our broker partners to ensure the funding is allocated towards the best quality lending opportunities.”