The extention also saw an increase in facility size from £435 million to £675 million .
Residential and commercial lender, Jerrold Holdings Limited has successfully extended its revolving Securitisation programme.
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p>Residential and commercial secured lender, Jerrold Holdings Limited has successfully extended its revolving Securitisation programme.
The announcement follows last week’s speculation regarding the rumored sale of Henry Moser’s stake in Jerrold Holdings and a possible stock market floatation.
The revolving period runs until January 2018 with a further 12 month non-revolving commitment running until January 2019. HSBC has joined the facility alongside existing Note purchasers Royal Bank of Scotland, Lloyds Banking Group and Natixis.
Commenting on the news, Marc Goldberg, Jerrold Holdings Commercial Director, said: “The successful expansion of our financing is another significant milestone as the company broadens its range of funding options to capture the considerable growth opportunities we see in a recovering UK economy.”
“Alongside our successful £200 million capital markets bond issuance in 2013, the securitisation is an important cornerstone of our financing as our lending to British businesses and home-owners approaches £600 million per year. We look forward to working with our
broker partners to ensure the funding is allocated towards the best quality lending opportunities.”
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 as Aa2 and DBRS applied a rating of AA.
The deal's underlying mortgages are drawn from across the Jerrold Holdings’ portfolio of companies including Auction Finance, Blemain Finance, Bridging Finance, Cheshire Mortgage Corporation and Lancashire Mortgage Corporation.
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