The deal comprised a blend of light adverse loans and was completed on 15 April 2005.
Jason Gaunt, director of E-Mex says: "We are delighted to have concluded this initial acquisition from Rooftop, which is part of E-Mex's measured expansion into the non-conforming market. It will play a major part in our planned growth for the year and add welcome diversification to our asset base. We have established a good relationship with Rooftop and hope to build on this in the years ahead."
The deal was arranged by investment bank Bear Stearns, of which Rooftop is a subsidiary. Neil Warman, Managing Director in the Mortgage and Consumer Assets Group at Bear, Stearns International Limited said, "We are pleased to have arranged such a suitable deal for Cheshire and E-Mex and we look forward to building on this association with Rooftop. They are an important addition to Rooftops growing list of counterparties."
Jonathan Naylor, Managing Director of Rooftop added, "We always strive to work with the right counterparties to ensure our growth is considered and relevant. There is no doubt that E-Mex is a perfect complement to our funding and I'm delighted we have attained our first milestone with them."
