Press Releases • March, 2019
Kensington upsizes residential warehouse facility
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.