Platform Home Loans, the non-conforming lender has strengthened its own competitive strategic position in the non-conforming marketplace with the issue of £389.1 million bonds.
This is the fifth bond issuance, bringing the worth of all the securitisation to a total of £1.14 billion and providing Platform, owned by Britannia, with a long term source of funding.
The bonds, entitled Leek Finance Number Seven PLC (LFL7) are AAA rated and priced at 31 basis points over the LIBOR rate.
David Tweedy, managing director of PHL, commented: “The non-conforming residential market is constantly changing and it is essential for Platform to keep abreast of the major issues and challenges. Securitisation enables us to raise the extra funding to do this.”
