Issued in a combination of sterling and Euro, the bond prices were the lowest so far in the programme. The securitisation was significantly oversubscribed attracting a wide spread of investors across all classes of the portfolio. The lead manager for the securitisation was Barclays Capital.
This securitisation will enable Commercial First to continue focussing on expanding its business. It has plans to expand its loan book from £1 billion at the end of 2006 to £3 billion in the next two years. The securitisation follows closely behind the launch of the Occupier and Investor products in September.
Managing director Philip George said: “Our business is all about delivering transparent and easy to understand mortgage products backed by commercial and semi-commercial property. Our vision is to be the biggest and best commercial mortgage lender in the UK for small to medium businesses; and recognise the importance of intermediaries in helping us achieve this goal.”
