Credit Suisse Plans U.K. Buy-to-Let RMBS
Credit Suisse is planning to issue a £200.2 million ($314 million) securitization backed by U.K. buy-to-let and owner-occupied non-conforming residential mortgage loans, from its Alba series.
The deal called Alba 2013-1 that has been assigned preliminary ratings of ‘AAA’ by Standard & Poor’s.Alba 2013-1 will be the first Alba issuance in 2013.
THe securitization backed by U.K. buy-to-let and owner-occupied non-conforming residential mortgage loans made by Edeus Mortgage Creators, Kensington Mortgage Company, Amber Homeloans and Paratus AMC.
Of the collateral pool, Edeus Mortgage Creators originated 51.67%, Paratus AMC (formerly known as GMAC-RFC Ltd.) originated 45.83%, Amber Homeloans 1.62%, and Kensington Mortgage Co. Ltd. (KMC) 0.88%.
Engage Credit will service all of the loans in the pool. Engage is under common majority ownership with Oakwood Global Finance.