Foundation completes fifth securitisation

Foundation Home Loans has announced the completion of its latest securitisation, Twin Bridges 2020-1 PLC, the fifth deal under the Twin Bridges platform which the lender established in 2017.

The intermediary-only specialist lender said the transaction was met with “strong investor interest”, allowing the senior tranche to price at 125 basis points over SONIA (the Sterling Overnight Interbank Average Rate).

Foundation revealed that the £350m deal was the largest Twin Bridges transaction and its first non-publicly placed trade.

The deal also means the company now has over £1bn in warehouse funding in place to cover its lending targets over the next 12 months.

“This securitisation is an excellent trade which bolsters our robust capital and liquidity position even further, allowing us to continue to offer competitive specialist mortgage funding to our intermediary partners,” Foundation chief executive, Hans Geberbauer, commented.

“The excellent pricing achieved, and the long period to the call date for the securitisation, are a testament to the confidence investors have not just in the underwriting and origination processes of Foundation, but also in our excellent in-housing servicing capability which proved invaluable in addressing the challenges thrown up by the pandemic.

“It is great to see confidence and demand returning both in the securitisation and wholesale funding market and among customers, whether for buy-to-let or owner-occupied mortgages.”

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