Sale of residual economic interest in RMBS
LendInvest sold residual economic interest in RMBS securitisation for £5m net consideration, generating £12.1m pre-tax gain.
- Net consideration £5 million
- Pre-tax gain (FY2024) c£12.1 million
- Reduction in gross loans and advances c£392 million
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LendInvest plc
Sale of residual economic interest in securitisation
LendInvest plc (AIM: LINV, "LendInvest" or the "Group"), a leading platform for mortgages has, through its LendInvest BTL Limited subsidiary, successfully completed the sale of its non-risk retention residual economic interest in the Mortimer BTL 2023-1 plc securitisation for a net consideration of £5 million. Citi's secondary trading desk managed the sale process and purchase for onward sale.
In line with the Group's strategy to optimise its funds under management, while at the same time moving more assets off its balance sheet, the transaction will result in a reduction in the Group's gross loans and advances of c£392 million. The transaction will generate a net pre-tax gain of c£12.1 million for FY2024.
Rod Lockhart, Chief Executive Officer of LendInvest, said: "We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability.
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