This issue (Preferred Residential Securites 6 Plc) is the company’s sixth and largest securitisation issue to date.
Since its launch in 1996, the company has grown dramatically, experiencing triple digit growth in the last two years. This success has continued in to 2003 and Preferred is forecast to be administering 16,000 live mortgage accounts by the year-end.
Phil Hopes, Preferred Mortgages Finance Director, said: “We have had an excellent level of interest from investors for PRS6. We have structured the issue without a detachable/interest only coupon, therefore enabling more spread to be retained. The success of this security is in part due to relatively low LTVs for the non-conforming sector and additionally the pool is geographically well spread. Our latest securitisation deal is great news for the company. Following the success of our previous issues, PRS6 further strengthens our position as one of the UK’s leading lenders in the non-conforming mortgage market sector.”
