The deal follows CCFS’ successful inaugural securitisation (PMF No.1) in 2013. PMF No.1 remains 100% performing to date, with none of the transaction’s 1,257 loans in arrears.
Simon Allsop, head of securitisation of Precise Mortgages, said: “We have already seen, from the first securitisation, that diversification of our funding base has allowed us to extend more loans to creditworthy individuals.
“To date we have lent over £500m in the home owner and BTL spaces, yet there is undoubtedly still a significant need in the market and many consumers remain underserved.
“This is why we are undertaking a second securitisation, to further increase our lending ability and meet the ambitions of creditworthy homeowners and buy to let borrowers.”
Credit Suisse has been appointed as Arranger and Deutsche Bank and Credit Suisse will act as joint lead managers.
The Fitch and S&P rated transaction has a provisional size of £235m. The deal, to be marketed in July, will target a broad investor base and is expected to close at the end of July.
