Specialist bridging lender Precise Mortgages has completed its fourth public securitisation.

The fourth securitisation which took place last week brings total issuance to over £800 million since December 2013. The bankers on the deal included Lloyds Bank, JP Morgan and Bank of America Merrill Lynch.

Commenting on the securitisation, Alan Cleary, Managing Director of Precise Mortgages said: “Having a diversified funding model enables us to continue with our strategy of helping borrowers underserved by high street lenders.

“We recently became a bank which gives us an additional funding source, we believe this will lead to Precise Mortgages becoming the specialist lender of choice for the intermediary market.”

Charter Savings Bank, which gained its banking licence in January and revealed its portfolio of products earlier this month, is owned by Precise Mortgages’ parent, Charter Court Financial Services.  

The Fitch and S&P rated securitisation, totalling at £205 million, is made up of a mixed range of near-prime owner occupied and buy-to-let residential loans in the UK.

According to Fitch Ratings, around 53 per cent of the loans in the portfolio are Tier 1 and Tier 2 BTL loans, which include no or very limited former adverse credit behaviour.

Fitch also stated that the information that was made available for the rating analysis was of sufficient quality.