HSBC, Lloyds Bank and French investment bank Natixis have participated in a £255m revolving securitisation programme backed by Jerrold Holdings’ portfolio of commercial property lending companies.
The programme, named Lakeside Asset Backed Securitisation 1, will run until August 2018. The funds will be used to back Manchester-based Jerrold’s commercial and residential property lending activities.
In the past year, Jerrold has provided £724m in loans to commercial and residential borrowers. The lender offers first and second charge mortgage loans, for both retail and commercial purposes, secured by residential and commercial properties.
Marc Goldberg, Jerrold’s commercial director, said: “This new facility will allow us to continue to grow our short-term lending and buy-to-let operations, meeting the ever-growing demand for these products and services and helping to support both new and existing business customers, SMEs and property investors.”
The new Lakeside securitisation sees the underlying mortgage loans drawn from Jerrold’s commercial property lending companies: Auction Finance, Bridging Finance, and Lancashire Mortgage Corporation.
Jerrold launched its first securitisation in 2007, the £373m Charles Street programme, which was extended to £675m last year. The Royal Bank of Scotland, Lloyds and National Australia Bank (NAB) initially participated. Natixis replaced NAB in 2013 adding a £128m facility line to the securitisation.
Jerrold also raised an extra £100m in a bond issue last year which followed an inaugural issue of £200m in 2013.
The alternative lender was founded by its current chief executive, Henry Moser, in 1974.