Second charge lender Equifinance has completed its debut public securitisation consisting of a £260m portfolio of second charge mortgages.

Equifinance revealed that the offering was fully subscribed, launched and priced within two weeks, completing on 16 April.

The transaction, East One 2024 Plc, was named after its postcode and head office location.

Equifinance started life as a niche lender in the second charge mortgage sector in 2012. The firm has now originated around £500m of second charge residential mortgages since inception and said it intends to become a “programmatic issuer”.

CEO at Equifinance, Tony Marshall commented: “We are extremely happy with the outcome of this transaction having developed strong relationships with our funding and distribution partners over the years who have supported us throughout our journey.

“This transaction provides Equifinance with a best-in-class funding structure, which will enable us to bring to market competitive products and services.

“However, we will still hold on to our traditional values of service and supplying products that are designed to help consumers achieve their financial goals.”

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