Press Releases • March, 2019

Kensington upsizes residential warehouse facility

WAREHOUSE

Kensington Mortgages upsizes residential warehouse facility

Kensington Mortgages (“Kensington”)has announced the increase in commitment of its existing warehouse facility adding an additional 30% of funding capacity. This will allow Kensington to fund close to £1.4 billion worth of new buy to let and owner-occupied mortgages. As part of the upsize Kensington added National Australia Bank (“NAB”) as a new funder alongside Citigroup (“Citi”) and BNP Paribas (“BNP”).

This is one of the largest UK mortgage warehouse lines for new residential mortgage originations. Despite market volatility due to Brexit uncertainty, this larger warehouse facility continues the success of Kensington’s wholesale funding platform.

On March 7th, the platform also publically placed its latest securitisation transaction called Finsbury Square 2019-1 which raised a further £535 million of funding for Kensington. Citi, BNP, NAB and Deutsche Bank acted as Joint Lead Managers on that transaction.

Alex Maddox

Capital Markets & Digital Director

“Kensington is having a very busy first quarter of the year with the extension and upsize of our warehouse credit line and the successful placement of a new £535 million securitisation. These transactions will support Kensington’s continued expansion of its mortgage range to new products and increased origination volumes in both the buy to let and residential segments. Last year, Kensington originated £1.1 billion of new loans which represented an increase in volumes of 22% versus the previous year, and now we are well funded to support at least a similar level of growth this year.”

Kensington and Kensington Mortgages are trading names of Kensington Mortgage Company Limited (registered in England & Wales No. 3049877), which has its registered office address at: Ascot House, Maidenhead Office Park, Maidenhead SL6 3QQ.

Kensington Mortgage Company Limited is authorised and regulated by the Financial Conduct Authority (310336). Some investment mortgage contracts are not regulated by the Financial Conduct Authority.