By Daniel Hunter
Jerrold Holdings Limited (Jerrold), the secured lender to the residential and commercial property sectors, is pleased to announce that it has successfully extended its revolving Securitisation programme, while also increasing the facility size to £675 million from £435 million.
The programme, 'Charles Street Conduit Asset Backed Securitisation 1 Limited', which was first issued in 2007, has also attained investment grade credit ratings from two agencies. Moody’s Investors Service rated the facility Aa2 and DBRS applied a rating of AA.
The revolving period now runs until January 2018 with a further 12 months’ non-revolving commitment to January 2019. Jerrold is very pleased to announce that HSBC has also joined the facility alongside existing Note purchasers Royal Bank of Scotland, Lloyds Banking Group and Natixis.
The underlying mortgages are drawn from across Jerrold Holdings’ portfolio of companies including Auction Finance, Blemain Finance, Bridging Finance, Cheshire Mortgage Corporation and Lancashire Mortgage Corporation.
“The successful extension and expansion of our established securitisation facility is another significant milestone as the company broadens its range of financing options to capture the considerable growth opportunities we see in a recovering UK economy," Gary Beckett, Jerrold Holdings Group CFO, said.
"Alongside our successful £200m capital markets bond issuance in 2013, the securitisation, which now benefits from investment grade ratings, is an important cornerstone of our financing as our lending to British businesses and home-owners approaches £600m per year.”
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