LendInvest has sold its non-risk retention residual economic interest in the Mortimer BTL 2023-1 securitisation for a consideration of £5m.
The AIM-traded firm said that the sale took place via its subsidiary, LendInvest BTL, and that the move is "in line with its strategy to optimise its funds under management", whilst alsos "moving more assets of its balance sheet".
In November 2023, the firm secured the fifth and largest securitisation transaction of the Mortimer BTL 2023-1, valued at £410m.
The sale process and purchase for onward sale was managed by Citi’s secondary trading desk.
As a result of the sale, LendInvest stated that the transaction would lead to a reduction in the group’s gross loan and advances of £392m and would also generate a net pre-tax gain of £12.1m for the current financial year.
Chief executive officer at LendInvest, Rod Lockhart, said: "We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability."
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