Kensington Mortgages, UK's leading residential specialist mortgage lender increases its funding to £2.6BN
Kensington Mortgages has increased its secured funding lines from £1.3bn to £2.6bn – a boost that would allow the lender to continue funding its large pipeline of new originations for both owner-occupied and buy-to-let mortgages.
The increase includes an £800m upsizing to the existing Sloane Square warehouse facility, now valued at £2.1bn, and a new £500m warehouse facility.
The Sloane Square warehouse line is for new residential mortgage originations, while the new £500m facility will fund the call of two existing securitisations.
Alex Maddox, capital markets and digital director at Kensington Mortgages, said that the renewal and extension of the warehouse facility will provide funding capacity for new loans and allow Kensington to grow even faster.
“Our aim is always to help underserved borrowers. We look beneath the surface and consider complex and multiple income sources and help those who otherwise may struggle to own a home. The business is seeing strong growth accompanied by stable returns and this is reflected in the strong appetite among investors for our securitisations,” Maddox said.
Kensington’s funding is split between four banks: Lloyds Bank, BNP Paribas, National Australia Bank, and Bank of America.