Lendco completes securitisation of BTL mortgage portfolio


Lendco works with a select group of intermediaries, having lent via a panel of less than 70 firms so far

Lendco has completed its first securitisation of a £300m portfolio of BTL mortgages. The deal comes just over two years since the boutique lender launched, offering mortgage investment lending and bridging finance.

Since agreeing its first loan in September 2018, Lendco has completed nearly 1,200 loans totalling £460m, despite choosing to have limited distribution.

Lendco works with a select group of intermediaries, having lent via a panel of less than 70 firms so far.

According to Simon Knight, managing director at Lendco, this accounts for the superior quality of its clients.

The lender’s borrowers tend to be high-net-worth with significant experience, and the team specialises in taking the time to understand each individual transaction.

We have achieved a great deal in a relatively short time, but in a very measured way. Our focus is always on quality and we were delighted to get such a great reception from multiple UK and EU investors, ending up being four times oversubscribed for our inaugural securitisation. The Lendco story of manual underwriting and outstanding credit performance has gone down extremely well, he said.

Simon added that the lender aims to further grow the company and increase the breadth of distribution.

Mark Harris, CEO at SPF Group, commented: It is quite remarkable what has been achieved in two years, with Simon and his team building a lender from a standing start to £460m of completions. When you throw in the uncertainty over Brexit during that time and then an unprecedented global pandemic, this first securitisation is even more impressive.

Tarun Sharma, partner at Cabot Square Capital, added: We are proud of the Lendco team; they have developed a high-quality platform with a diversified funding base and the strong execution achieved in this inaugural securitisation is a strong endorsement.

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