Mortgages plc already has funding lines in place with Lehman Brothers and Barclays for a total of £400 million. The company successfully issued a £250 million securitisation deal, with the majority of the deal being AAA rated, in July last year. The company has securitised well over £1 billion of mortgage assets to date.
Tim Cooley, Chief Financial Officer at Mortgages plc, said: “We are delighted to have successfully agreed these additional funding lines. We now have relationships with leading and respected UK, American and European banks which is essential to our long term funding strategy, as we are likely to borrow via the Securitisation markets in Sterling, Dollars and Euros as the business continues to expand. The increased size of our combined warehouse facilities, along with our loan sale programme, gives us the headroom to comfortably continue generating new mortgage assets in ever increasing volumes.”
