Keystone completes largest securitisation


The Hops Hill No. 4 securitisation transaction contains £560 million worth of buy-to-let loans originated by the lender, including prefunding of 15%

Specialist buy-to-let lender Keystone Property Finance has completed its biggest securitisation, worth nearly £560 million.

The Hops Hill No. 4 securitisation transaction contains £560 million worth of buy-to-let loans originated by the lender, including prefunding of 15%.

The securitisation also includes loans from Hops Hill No. 2, the lender’s first securitisation issued in 2021. In May 2024, it will be called in.

The firm said that there was “strong demand from multiple investors” and senior notes were one-and-a-half times and mezzanine notes over three times oversubscribed.

Elise Coole, MD of Keystone Property Finance, noted: Over the last six years, we have gone from strength to strength, going from a new entrant to becoming one of the go-to lenders in the specialist BTL market. This securitisation marks the next step in that journey.

We are always strategically looking forward, and we will continue to evolve our offering and our product set to ensure that they remain relevant to our broker partners and their clients. This deal allows us to continue that good work, she said.

Marko Feiertag of TwentyFour Asset Management said: We have been working together with Keystone as sponsor of the Hops Hill platform for more than five years. The financial markets were very challenging the last couple of years, and we have been impressed throughout the journey with the strong management team at Keystone reacting quickly to challenges and being able to implement new innovative products in a short time with their robust inhouse IT platform.

Keystone’s expertise extends beyond the management team to the underwriting, risk, servicing and IT department, which results in the strong loan performance seen over the last five years, he said.

He added: We are delighted to work together with the Keystone team and thrilled how well-established the Hops Hill funding platform has become attracting new investors on their latest transaction. We look forward to many more successful years of collaboration.

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