Keystone Property Finance has successfully completed its fifth securitisation, containing £400m worth of buy-to-let (BTL) loans originated by Keystone and including £80m of pre-funding.

The specialist BTL lender, said that the deal, Hops Hill No.5, marked the tightest levels of pricing yet for the Hops Hill programme.

Since relaunching in 2018, Keystone has completed five public securitisations since its first transaction in January 2021, with the lender acting as the servicer on the most recent three transactions.

For Hops Hill No.5, Keystone said that “strong investor demand” had resulted in significant oversubscription across the capital stack, with the pricing and demand also reflecting investor confidence in the UK’s BTL sector.

Lloyds Bank and BNP Paribas acted as joint lead managers on Hops Hill No.5, on behalf of UK Mortgages Corporate Funding DAC, advised by TwentyFour Asset Management.

Keystone managing director, Elise Coole, commented: “We’re extremely proud to have completed our fifth securitisation – and to have done so with the tightest pricing in the market this year is a fantastic result. The strong investor demand reflects both the consistent quality of our lending and the strength of the Hops Hill programme.

“Hops Hill No.5 is another important milestone and gives us additional firepower to keep supporting landlords with the funding they need in a fast-moving market.”

TwentyFour Asset Management, Shilpa Pathak, added: “We have proudly partnered with Keystone as a sponsor of the Hops Hill platform for nearly seven years.

“Throughout this period, the Keystone team has consistently responded swiftly to the dynamic challenges of the market, leveraging their deep expertise in key areas such as underwriting, servicing, risk management, and technology. This integrated strength has been a fundamental driver of the consistently strong loan performance we’ve seen throughout our partnership.”

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