Due to heavy investor demand the deal was upsized from £500
million. The deal closed 6 January 2004.
This issue (PRS7) is a triple A rated investment and is Preferred Mortgages seventh and largest securitisation issue. The lead manager on the transaction was Lehman Brothers with Fortis as co-manager.
Since its launch in 1996, Preferred Mortgages has grown dramatically experiencing triple digit growth in the last two years. This success has continued through 2003 and Preferred Mortgages is administering in excess of
16,000 live mortgage accounts.
George Patellis, Operations Director said: "Our latest securitisation went
very smoothly which is a testament to the quality of our portfolio and the
professionalism of the Lehman Brothers team. Following the success of our
previous issues, PRS7 further strengthens our position as one of the UK's
leading lenders in the sub-prime mortgage market sector. The heavier than
expected investor demand that led to the upsizing of the deal was very
pleasing."
