The portfolio is valued at £650 million and is made up of a blend of buy-to-let, self-certification and standard residential mortgage loans. The acquisition was made by Bradford & Bingley's wholly-owned subsidiary, Mortgage Express.
This transaction represents GMAC’s thirteenth portfolio sale since launch amd so far this year it has completed £1.2 billion in portfolio sales - almost four times more than was completed in 2001. The all-status lender is currently in negotiations with other potential acquirers and is anticipating further transactions to take place during the latter part of this year.
Commenting on the move, Stephen Hynes, capital markets director of GMAC-RFC, said that mortgage assets and portfolio sales were a fundamental component of their strategic vision and added: "As the leading non conforming lender, we are delighted to have exchanged on what is the largest sale of assets we have conducted in the UK to date and this further consolidates the strong working relationship we have already established with the Bradford & Bingley Group."